THE SOAPBOX

The must-read section of SuperGuide. These popular and compelling columns generate debate about issues affecting Australians planning for retirement, or living in retirement.

Each month, we draw attention to an area of our superannuation system that needs improvement or deserves recognition. Trish Power’s views in the columns are informed, and independent.


Below are some of our key THE SOAPBOX articles:

Set out below are all SuperGuide articles explaining THE SOAPBOX.

Financial advice: Only 32 (10 + 13 + 9) independent financial advisers in Australia   Super Guide

This article is updated regularly when new financial advisers join the independence club. A financial adviser does not have to be a member of the IFAAA to join the SuperGuide list, provided they can declare that they satisfy the requirements of being an independent adviser.

Temporary concessional contributions cap expanded to 50 somethings from July 2014   Super Guide

In July 2013, the federal government introduced a temporary concessional contributions cap of $35,000 for over-60s which has been expanded to 50-somethings from July 2014.

Double contributions tax for high income earners   Super Guide

Anyone earning more than $300,000 (including rental property losses and other items) now pays 30% tax on concessional contributions paid into a super fund, doubling the super tax bill for high-income earners. The regular contributions tax is a flat rate of 15%.

Superannuation Guarantee: Many Aussies to miss out on SG increase   Super Guide

You can expect some difficult conversations between employers and employees in coming months as some salaried employees discover that the Superannuation Guarantee (SG) increase of 0.25% (taking the SG rate to 9.5%) will not benefit those employees on fixed remuneration packages.

SG now paid for over 70s (since July 2013)   Super Guide

Since 1 July 2013, eligible employees who are 70 years or older have received Superannuation Guarantee (SG) payments from employers. The previous SG rules stopped SG entitlements when an employee turned 70 years of age.

Aged care a consideration for SMSF trustees   Super Guide

The Aged Care reforms due to come into effect on 1 July 2014 will see retirees paying more for their admission to, and ongoing care in, aged care facilities.

Excess contributions: Happy ending to a horror story   Super Guide

This article contains some good news for those worried about exceeding the contributions caps. The article also includes a summary of the Inspector-General of Taxation’s review into the ATO’s administration of the superannuation excess contributions tax.

Super tax refund for lower income earners to be axed   Super Guide

The Coalition government is repealing the Low Income Super Contribution, and the government has confirmed this decision in the 2014/2015 Federal Budget. Under the draft legislation, the LISC will be payable for the 2012/2013 year only. We will update the website, and this article, when the government cancels the LISC.

Debt ‘levy’: More income tax for high income earners   Super Guide

The ALP has announced that it will support the Coalition’s decision to temporarily increase the marginal tax rate by 2 percentage points for those Australians earning more than $180,000.

2014 Federal Budget: What the Age Pension changes means for you   Super Guide

The Federal Treasurer has made it clear: the Age Pension age is increasing to 70 years from 2035. Federal Treasurer Joe Hockey confirmed this significant change to the Age Pension rules in the 2014 Federal Budget on 13 May 2014.