In early 2013, SuperGuide published two articles which triggered a lot of emails from readers, especially from women, about the financial demands placed on older women, and the financial denial many women and men experience when thinking about the lifestyle they are expecting in retirement. A … [Read more...]
The 2013/2014 financial year is a huge year for SMSF trustees with a hefty batch of changes set to take effect from 1 July 2013. You also need to be aware that a raft of changes took effect from the 1 July 2012 (2012/2013 year). As a SMSF trustee, you will need to ensure that your super fund … [Read more...]
Note: SuperGuide will keep you regularly updated on the superannuation policies announced by the major political parties, right up to when the federal election is held on 14 September 2013. From that date, we will then explore what the party in power has in store for us, in terms of superannuation … [Read more...]
From July 2013, eligible employees who are 70 years or older will receive Superannuation Guarantee (SG) payments from employers. The current SG rules stop SG entitlements when an employee turns 70 years of age. SuperGuide is proud to take credit for the positive influence that our regular … [Read more...]
In the May 2012 Federal Budget (rather than the 2013 Federal Budget), the Government announced that from 1 July 2012, anyone earning more than $300,000 will pay 30% tax on concessional contributions paid into a super fund, doubling the super tax bill for high-income earners. The regular … [Read more...]
In his response to the Federal Budget, Tony Abbott, the Leader of the Opposition announced that the Superannuation Guarantee increase set to take effect from 1 July 2013, will be frozen at 9.25% for 2 years, and the full increase to 12% will be delayed for 2 years. Of course, this announcement is … [Read more...]
Note: We regularly update this article with the latest data on superannuation funds issued by the Australian Prudential Regulation Authority (APRA). This article contains the latest statistics available, as of May 2013 (for data as at March 2013). More than half a million self-managed super funds … [Read more...]
In the 2013 Federal Budget, the government announced a pilot program to assist senior Australians to downsize to a home more suitable to their needs without reducing their Age Pension entitlements. According to the Budget papers, “from 1 July 2014, senior Australian homeowners who have owned … [Read more...]
In April 2013, the federal government announced that it intends to establish a Council of Superannuation Custodians. This Council will monitor a proposed Charter of Superannuation Adequacy and Sustainability, and assess future superannuation policy against this Charter. The Council will then report … [Read more...]
The federal government will be introducing a temporary concessional cap for over-60s from 1 July 2013, which will also apply to over-50s from 1 July 2014. Draft legislation has been prepared for this change. The government will be introducing an unindexed cap of $35,000 for over 60s (from 1 July … [Read more...]
Due to a budget blowout caused by “an over-hang from the global financial crisis and strong Australian dollar”, the federal government has informally announced (drip fed via a series of casual comments in various interviews) that the income tax cuts, that were to take effect from 1 July 2015, … [Read more...]
Q: Do you need to be 60 at July 1 or could you turn 60 any time in 2013/2014 to take advantage of the new $35,000 cap? A: For the benefit of other readers, I will first explain the background to the new over-60s cap. On 5 April 2013, the federal government announced that it will be introducing an … [Read more...]
The National Disability Insurance Scheme is going to become a reality with a guaranteed financial contribution sourced directly from taxpayers, and promised contributions from the states of Australia. Bravo to the federal government, state governments and to the individuals and organisations who … [Read more...]
Prime Minister Julia Gillard has announced a 0.5% increase in the Medicare levy to help fund the National Disability Insurance Scheme (NDIS) – but Labor will not bring in legislation for the higher tax this term. The Prime Minister said the extra tax would represent about $1 a day for someone … [Read more...]
We have received a lot of emails from readers who have expressed their frustration at the unfairness of the proposed pension tax on earnings above $100,000 a year, although a small minority have supported the tax. The common theme for the majority is that many Australians sacrificed and worked … [Read more...]
