2018-19 super rules, New contributions and tax rules, TBARs, TSBs and FHSSS, SMSFs housekeeping
In this special edition we’ve refreshed all SuperGuide articles that cover the key rules, regulations, rates and thresholds for the 2018-19 financial year.
- 2018-19 SUPER RULES: Learn what rules, rates and thresholds apply from 1 July 2018. This article also provides a valuable refresher around the large amount of significant changes that applied from 1 July 2017.
- NEW TAX AND CONTRIBUTIONS RULES: LMITO, downsizer contributions, and catch-up contributions are all new terms we need to catch up on. Find out how they work and whether they apply to you.
- DO YOU KNOW YOUR TBAR FROM YOUR TSB? If not then you should check out our in-depth articles on Transfer Balance Account Reports and the Total Superannuation Balance.
- CAN SUPER HELP YOU BUY YOUR FIRST HOME? The First Home Super Saver (FHSS) Scheme is now in operation.
- SMSF HOUSEKEEPING: For our readers with SMSFs, we provide a handy checklist of what to keep on top of for the coming year, plus guidance on what your advice your accountant can still help with.
SUPER REFERENCE GUIDES
Navigating your way around the constant rule changes in the super system is tricky, so here’s our annual list of the modifications you need to know about.
It can be confusing to understand all the different types of super contributions. But it’s worth learning the main types and what each one offers you.
With Super Guarantee (SG) contribution rates changing again, it pays to understand the rules and the rate your employer is required to pay in 2022-23.
A new financial year brings updated thresholds for a range of super measures. Take a look at the new numbers to check for opportunities.
The amount of tax you pay will depend on your assessable income less a host of tax deductions and offsets. Here are the latest rates and thresholds.
If you’re uncertain about your finances it makes sense to get some help, but it can be difficult to don’t know who to turn to for for unconflicted advice.
While many SMSF trustees turn to their accountant for assistance, they can only provide advice on some SMSF-related matters. To help SMSF trustees navigate this tricky area we’ve compiled a checklist to help you work out if your accountant is the right person to ask for help.
NEW SUPER MEASURES
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If you haven’t used all your concessional contributions cap in recent years you can use them to play catch-up and get a handy tax concession to sweeten the deal. We explain how.
There are a series of hurdles you need to clear before you can access your super. The first is your age.
Your total super balance determines whether you can use a range of valuable super measures. Learn how it works and what you could be eligible for.
Eligible downsizer contributions can be a great way to boost your super without falling foul of many of the rules affecting other super contributions.
If you are looking for ways to save a bigger first home deposit, changes on the horizon promise to remove hurdles to the FHSSS and make the scheme simpler to use.
When things go wrong with your super fund or its insurer, it’s good to know there are steps you can take to help get things put right.
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.
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.
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.
LATEST AGE PENSION CHANGES
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.
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 (along with the income test) that determines how much Age Pension you could be eligible for.