Superannuation, Age Pension and income tax rules for 2020-21
Happy new (financial) year!
In this special edition we’ve updated all SuperGuide articles covering the key rules, regulations, rates and thresholds for the 2020-21 financial year. We also highlight some of the key changes that take place from 1 July 2020.
Highlights include:
- SUPER RULES: While circumstances have delayed some rule changes, there are still plenty to get your head around, most of them positive. Like the removal of the work test for members wanting to make super contributions to age 67, an increase in the age limit to receive spouse contributions and a continuation of lower minimum pension drawdowns.
- SUPER CONTRIBUTIONS GUIDES: Our guides for concessional and non-concessional contributions, plus co-contributions and the Low Income Superannuation Tax Offset (LISTO) have all been updated for 2020-21.
- AGE PENSION: The assets and income tests thresholds all increase on 1 July 2020, which means that more Australians can receive a full or a higher part Age Pension.
- INCOME TAX: Learn about the income tax rates for 2020-21, including the Low Income Tax Offset (LITO), the Low and Middle Income Tax Offset (LMITO) and the Senior Australians and Pensioners Tax Offset (SAPTO).
2020-21 SUPER RULES
What’s changed, what’s coming and how you’ll be affected. Read more.
What’s changed, what’s coming and how you’ll be affected. Read more.
A new financial year brings updated thresholds for a range of super measures. Take a look at the new numbers to check for opportunities. Read more.
A new financial year brings updated thresholds for a range of super measures. Take a look at the new numbers to check for opportunities. Read more.
2020-21 SUPER CONTRIBUTIONS GUIDES
Concessional contributions make up most of the money going into your super account, so it’s important to understand what these are and how they work. Read more.
Concessional contributions make up most of the money going into your super account, so it’s important to understand what these are and how they work. Read more.
Making a personal contribution into your super can be a great way to boost your retirement nest egg and enjoy the tax-effective benefits of the super system. Read more.
Making a personal contribution into your super can be a great way to boost your retirement nest egg and enjoy the tax-effective benefits of the super system. Read more.
A free co-contribution payment made by the government into your super account can be a great way to boost your super account if you have some money to spare. Read more.
A free co-contribution payment made by the government into your super account can be a great way to boost your super account if you have some money to spare. Read more.
The Low Income Super Tax Offset is a government rebate that can help boost your super and make saving for retirement a little easier. Read more.
The Low Income Super Tax Offset is a government rebate that can help boost your super and make saving for retirement a little easier. Read more.
COMING UP: Look out for our super contributions strategies coverage in SuperGuide’s July 2020 newsletter
UPDATED AGE PENSION THRESHOLDS
This article details the rules and limits of the Age Pension assets test (how much your savings and other assets are worth), which is one half of the means test … Read more.
This article details the rules and limits of the Age Pension assets test (how much your savings and other assets are worth), which is one half of the means test … Read more.
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”. Read more
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”. Read more
INCOME TAX RATES FOR 2020-21
This financial year is one of the few in recent times where the income tax brackets or rates have not changed, although you may see a change in base income… Read more.
This financial year is one of the few in recent times where the income tax brackets or rates have not changed, although you may see a change in base income… Read more.
If you are eligible for the Age or DVA pension you could be in line for a handy tax rebate, depending on your taxable income and relationship status. Read more.
If you are eligible for the Age or DVA pension you could be in line for a handy tax rebate, depending on your taxable income and relationship status. Read more.
Low-income earners may be eligible to reduce their tax bill by as much as $700, without lifting a finger. Check our guide to who’s eligible and for how much. Read more.
Low-income earners may be eligible to reduce their tax bill by as much as $700, without lifting a finger. Check our guide to who’s eligible and for how much. Read more.
