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
Every new super rule change explained: Payday Super, higher contribution caps, the transfer balance cap and Division 296 tax. Read more.
Every new super rule change explained: Payday Super, higher contribution caps, the transfer balance cap and Division 296 tax. 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
Want to get more from your super? Start by understanding concessional contributions, the biggest and most tax-effective source of super savings. Read more.
Want to get more from your super? Start by understanding concessional contributions, the biggest and most tax-effective source of super savings. Read more.
Making a personal contribution into your super can be a great way to boost your retirement nest egg and enjoy the 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 benefits of the super system. Read more.
An extra payment from the government can be a great way to boost your super if you have some money to spare. Read more.
An extra payment from the government can be a great way to boost your super 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
See every Australian income tax bracket and rate for 2026-27. Clear tables, plain-English explanation, and previous years for comparison. Read more.
See every Australian income tax bracket and rate for 2026-27. Clear tables, plain-English explanation, and previous years for comparison. Read more.
Eligible pensioners could be in for a small but welcome financial sweetener come tax time, thanks to this little known tax offset. Read more.
Eligible pensioners could be in for a small but welcome financial sweetener come tax time, thanks to this little known tax offset. 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.
