A recent paper by advocacy group, Save Our Super, originally produced for SuperGuide, has uncovered financially devastating repercussions for Australia because of harsh Age Pension and superannuation policies made in haste and with hubris, and implemented with gusto by Federal Treasurer, Scott Morrison.Treasurer ... Read more
How super works
This section covers the most popular questions on how superannuation works, including how to find lost super, how much super you need and simple step-by-step superannuation guides.
Below are some of our key How super works articles:
Set out below are all SuperGuide articles referring to How super works.
Retirement income and savings trap: 13 findings from Save Our Super’s paper
For a couple who own their home, the retirement savings ‘sweet spot’ target should be $400,000, to ensure maximum income (utilising super savings and Age Pension entitlements under the 2017 changes), according to a paper written by advocacy group, Save Our Super.Only when superannuation savings increase to ... Read more
Retirement income and savings trap caused by Coalition’s 2017 superannuation and Age Pension changes
Note: SuperGuide has invited advocacy group, Save Our Super, to highlight the immediate and long-term implications of the federal government’s latest changes to super and the Age Pension. The authors of this article, Jack Hammond, founder of Save Our Super, and Terrence (Terry) O’Brien, a retired Treasury official, ... Read more
Boost your spouse’s retirement kitty: 10 things you need to know
These days it’s rare for a government to be more generous about handing out benefits, but when it comes to helping boost your spouse’s super, that infrequent event is set to happen.From 1 July 2017, the maximum income threshold for the spouse contributions tax offset jumps from its current measly upper limit of ... Read more
Super concessional (before-tax) contributions: 2017/2018 survival guide
Note: This article explains the rules applicable to concessional contributions for the 2017/2018 year, and also explains the rules applicable for the 2016/2017 year. You can also find information about the lower concessional cap, effective from 1 July 2017, see SuperGuide article Concessional contributions caps to be ... Read more
Your 2017/2018 guide to non-concessional (after-tax) contributions
Note: This article explains the rules applicable to non-concessional contributions for the 2017/2018 year, and explains the rules applicable for the 2016/2017 year. You can also find information about the lower non-concessional cap, effective from 1 July 2017, in SuperGuide article New $100,000 cap: Cut to ... Read more
Cashing in on the co-contribution rules (2017/2018 year)
Note: This article explains the co-contribution rules for the 2017/2018 and 2016/2017 years (and later in the article, also for the 2015/2016, 2014/2015, 2013/2014, 2012/2013 and 2011/2012 years).The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their ... Read more
Do I have to be working to make super contributions?
The answer is no, if you’re under the age of 65. An Australian under the age of 65 can make super contributions whether they are working, rearing children, looking after a sick partner, recovering from illness or on an extended holiday.If you are aged 65 or over then you must satisfy a work test if you’re seeking ... Read more
I’m retired. Can I make super contributions?
Q: If I have retired from work and later on inherit a reasonable sum of cash, can I make a non-concessional contribution into my superannuation fund? OR is that only permitted while I am working, regardless of my age?A: For the benefit of other readers, I will first explain the meaning of a non-concessional ... Read more
Superannuation rates and thresholds for 2017/2018 and 2016/2017 years
Note: The article lists the latest superannuation rates and thresholds for the 2017/2018 year, for the 2016/2017 year, and also for earlier financial years.One of the most searched-for superannuation thresholds is the concessional contributions cap for the latest financial year. For the 2017/2018 year (1 July 2017 ... Read more
After-tax super contributions: Beef up using a bring forward
Note: Taking effect from 1 July 2017, the annual non-concessional contributions cap is $100,000, and the 3-year bring-forward cap is $300,000. For the 2016/2017 year, the annual after-tax contributions cap is $180,000 and the 3-year $540,000 bring-forward cap will remain until 30 June 2017.Q: Under the 2-year ... Read more
Super contributions: Turning 65 part-way through the year
Note: Taking effect from 1 July 2017, the annual non-concessional contributions cap is $100,000, and the 3-year bring-forward cap is $300,000. For the 2016/2017 year, the annual after-tax contributions cap is $180,000 and the 3-year $540,000 bring-forward cap will remain until 30 June 2017,Q: I turn 65 in February ... Read more
