Key superannuation rates and thresholds for 2024-25
A new financial year brings updated thresholds for a range of super measures. Take a look at the new numbers to check for opportunities.
Home / Archives for Barbara Drury / Page 4
Barbara is a financial journalist and author with over 30 years’ experience in Australia and the UK. She is a contributor to The Sydney Morning Herald and The Age Money section, and has worked for the Australian Financial Review and The Australian.
Barbara is the author of Alan Kohler’s Eureka Report Guide to Personal Investing, Sorting Out Your Finances for Dummies and Personal Finance for Dummies and co-author of Investing for Dummies with James Kirby.
A new financial year brings updated thresholds for a range of super measures. Take a look at the new numbers to check for opportunities.
Now that the stage 3 tax cuts are law, most Australians will receive a tax cut in 2024-25. Until then, existing income tax rates and thresholds apply.
Many of us dream of early retirement, but if you need to access your super to live the dream you need to tick a few boxes first, beginning with your age.
Under the deeming rules, you are ‘deemed’ to earn a certain annual rate of return on your financial assets, regardless of the rate of return you actually earn.
Super is a very tax-effective vehicle for your retirement savings, but no-one said the taxation of super was simple. Here’s a quick overview of what you pay and when.
If you are looking to wind back working hours or boost your super in the lead-up to retirement, a transition-to-retirement (TTR) pension may be the answer.
There are a series of hurdles you need to clear before you can access your super. The first is your age.
Cost of living pressures are expected to fuel growth in reverse mortgages as retirees look for ways to top up their income.
The amount of Age Pension you are eligible to receive in retirement is means tested, with super among the assets included. This is how it’s assessed.
SMSFs are a popular choice for people who want more flexibility and control over their retirement savings, but they’re not for everyone so be sure to understand what’s involved.
Planning for retirement as a couple offers opportunities to maximise your retirement income from super along with tax and estate planning benefits, but there can also be added complexity.
SMSFs offer more control than other super funds, but strict rules apply. Follow our 9-step guide to ensure your fund complies with all your legal obligations from the outset.
Now that SMSFs can have up to six members, it makes it easier to bring the whole family into the super fold, but it’s important to look before you leap.
An annual audit is one of the necessary tasks associated with running an SMSF, but it can save trustees from inadvertent and costly breaches of the rules.
Don’t be rattled by pundits saying you need $1 million to retire. The amount you need will depend on your personal circumstances, not a figure drawn out of a hat.
The Service Pension provided similar benefits to the Age Pension for veterans, their partners and widow(er)s, but the eligibility requirements are different, as you would expect.
The way super intersects with the Age Pension has a big impact on retirees with ‘middling’ super balances, but it’s important not to fixate on short-term pension entitlements at the expense of long-term financial security.
There’s no getting around regular asset valuations for your SMSF, and it needs to be done by the book.
SuperGuide is Australia’s leading superannuation and retirement planning website.
Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629.