2018/2019 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 2018/2019 financial year.
- 2018/2019 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.
2018/2019 REFERENCE GUIDES
When you mention super, most people shake their head and mutter about the constant rule changes. Looking back over the past few years it’s a fair comment, with many significant changes occurring – and many more proposed but never legislated. Read more
Building a sizeable retirement nest egg can take some effort, but a recent study by Roy Morgan found only 18% of employees with super currently have more than the compulsory 9.5% of their salary or wages going into their super fund account. Read more
Although the past few years have kept SMSF trustees busy with numerous legislative changes and a major shake-up of the super system since 1 July 2017, the upcoming financial year does not look like it will bring much of a respite. Read more
As employees, most of us see the regular note on our payment summary listing the amount for our employer’s Superannuation Guarantee (SG) contribution into our super account and rarely give it much thought. Read more
There are a range of key rates and thresholds that can affect your super. In this article we’ll provide an overview of the key aspects of each of these rates and thresholds. Read more
The Australian Tax Office (ATO) collects income tax from working Australians each financial year. Financial years run from July 1 to June 30 of the following year, so currently we are in the 2018/2019 financial year (July 1 2018 to June 30 2019). Read more
After the major shake-up of the super system in July 2017, Australians saving for their retirement, or now in retirement, face a revised set of rules when it comes to their super contributions and super pensions. Read more
Put simply, since 1 July 2016 accountants can still provide a wide range of advice and services to the trustees of an SMSF, however, if the financial advice and services involve personal advice, the accountant must hold an AFS licence. Read more
NEW SUPER MEASURES
LMITO (sometimes referred to as LAMITO) is an acronym for the Low and Middle Income Tax Offset that the federal government introduced as part of the 2018 Budget. Read more
Feel like you’ve missed the boat when it comes to your retirement savings? Carry-forward super contributions could be the answer for many Australians looking to boost the balance in their super account. Read more
Turning 55, retiring and accessing your super is now a retirement planning strategy from the past. Anyone born on or after 1 July 1960 needs to push from their mind that the age of 55, or even 56 (and very soon 57) is the ticket to superannuation access. Read more
It would be hard for anyone interested in SMSFs to have missed the fact that a number of tax rules changed on 1 July 2017 and the new challenges and opportunities have been reported extensively in SuperGuide already. Read more
The concept of total superannuation balance, or TSB, was introduced on 1 July 2017 as a means to measure your total superannuation interests at any point in time. It is used to determine eligibility for a number of new superannuation measures – such as the ability to carry forward unused concessional contribution caps. Read more
Many Australian retirees find they want a smaller home, or a home more suited to their empty-nest requirements. For some Australians, selling the family home can be great way to release built-up equity to pay for retirement living expenses or in-home support that will allow them to stay at home longer. Read more
Saving a deposit to buy your first home is a tough task, and purchasing an affordable first home can be an even greater challenge. In response to this affordability issue, the federal government announced in the May 2017 Federal Budget, a new scheme to allow first homebuyers to use their super account to save some of the money they need for a home deposit. Read more
Disputes about your superannuation and other finances are never fun, but the complexity of the current system makes the process even tougher. Read more
2018/2019 CONTRIBUTIONS GUIDES
Although it can be hard getting your head around all the different types of super contributions that go into your super account, concessional contributions are the ones you are mostly likely to have and are pretty straightforward to understand. Read more
Most employees know their employer is helping to build their retirement savings by making regular contributions – like the Super Guarantee (SG) – into their super account as part of their salary package. These contributions are taxed concessionally – or at a special low rate – of 15% to encourage Australians to save for their retirement. Read more
Free money from the Government is a pretty rare thing and most Aussies would be willing to go a bit out of their way to try and get some, but one of the easiest routes to those extra bucks is often overlooked. Read more
LATEST AGE PENSION CHANGES
Deeming is a key concept in the Age Pension income test, which is a test you must pass as one of the requirements to access this government payment. The other requirements are passing the assets test, being age-eligible, and qualifying as an Australian resident. Read more
A common question for those nearing or in retirement is “How much money can you have before it affects your pension?”. This article details the rules around 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. Read more
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”. This article details the rules around the Age Pension income test (how much you earn) which is a half of the means test (along with the assets test) that determines how much Age Pension you could be eligible for.. Read more