If you are a passionate collector or connoisseur, then you may be able to use that knowledge to boost your retirement savings.
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Now that some of the initial hype has gone out of cryptocurrencies, it’s a good time to take a clear-eyed view of their investment potential.
Learn the Australian income tax rates for 2019/20 and 2020/21, as well as details on how income tax is calculated, deductions, offsets and levies.
The Low and Middle Income Tax Offset (LMITO) helps low and middle income earners lower the amount of tax they need to pay. Because it is a tax offset, it can only be used to lower the amount of tax that you owe and not to generate a tax refund or pay your Medicare Levy.
When it comes to super, it’s still a man’s world. That means it’s up to women to even the score. We show you how.
The $700 Low Income Tax Offset (LITO), combined with the tax-free threshold of $18,200, and the Low and Middle Income Tax Offset effectively allows working Australians to earn up to $22,801 for the 2020/21 financial year before they need to pay any income tax or Medicare Levy.
The Personal Income Tax Plan which provides targeted tax relief over seven years for low and middle income earners and protects middle income Australians from bracket creep consists of three steps.
You satisfy the retirement provisions of Australia’s super legislation if you have reached your preservation age, you have ceased gainful employment and you have no intention of becoming gainfully employed again in the future.
There are a series of hurdles you need to clear before you can access your super. The first is your age.
Retire at 60, grab your tax-free super and ride off into the distance. Sounds like a plan, but as with everything to do with super, the devil is in the detail.
You can access your super in Australia when you turn 65. It is the most straightforward condition of release. To apply for your super benefits you should contact your super fund.
These are challenging times for investors, especially if you’re about to retire or already drawing on your super.
Superannuation is a long-term investment but that doesn’t mean you can afford to put off thinking about it indefinitely.
Learn how you can easily find your lost or unclaimed super and transfer it to another super account.
However well you think you understand superannuation, it always pays to refresh yourself on the basics.