Top 10 super funds, 2013/2014 contributions guides, best asset classes for 2013, minimum pension payments, 20 Q&As and more
Highlights of the JULY 2013 newsletter are:
- TOP 10 PERFORMING SUPER FUNDS FOR 2012/2013 YEAR, AND FOR 10 YEARS. The top 10 super funds of the year are… you’ll have to click on the link below to find out.
- RECORD-BREAKING YEAR FOR SUPER FUNDS FOR 2012/2013 YEAR. The median superannuation growth fund delivered the best return in 16 years. Click on the link below to find out more.
- ASSET CLASSES: NAMING THE INVESTMENT WINNERS FOR THE 2012/2013 YEAR, AND OVER 5 YEARS AND 10 YEARS. You may be surprised by the investment categories that starred over the longer term, and the asset classes that struggled. Click on the link below to find out the winners and losers.
- UPDATED CONTRIBUTIONS GUIDES (2013/2014 YEAR). Our contributions survival guides (for concessional contributions, non-concessional contributions, and co-contributions) are very popular with SuperGuide readers, and we have now updated them for the 2013/2014 year. You can check out the guides by clicking on the links below. You can also access them by clicking on the links at the right-hand side of the home page.
- MAKING SUPER CONTRIBUTIONS: 20 POPULAR Q AND As. In this article, you can find 20 of the more popular Q and As that we have answered about the contributions rules, updated for the 2013/2014 year. We are regularly updating the site with new Q and As so if you have a question, check out our site first, in case we have published a response to similar question. In this edition, we have also included special articles on salary sacrificing, the maximum SG entitlements for high income earners and the refund of contributions tax for low-income earners.
- MINIMUM PENSION PAYMENTS BACK TO NORMAL FOR 2013/2014 YEAR. Click on the article link below to find out more.
- SUPER RATES AND THRESHOLDS FOR 2013/2014 YEAR. Click on the link below to find out the latest rates.
- ATO LEVY HIKE FOR SMSFs. Have you checked out your SMSF annual return for 2012/2013 yet? The ATO supervisory levy has gone up again, and you can expect more fee hikes in the future. Oh, and you’ll have start paying the levy in advance. See article link below for more.
EVERYTHING YOU NEED TO KNOW ABOUT SUPER & TAX. Expect a bumper edition for the AUGUST 2013 newsletter. We have received hundreds of questions over the past few months on how super is taxed when you make super contributions, how your super fund collects earnings tax when recording investment earnings and whether you have to pay tax when you receive super benefit payments. Understanding about super and tax is even more important if you run an SMSF, because you have to collect and record it on behalf of the taxman. We will attempt to cover as much as possible about super and tax in the AUGUST 2013 SuperGuide newsletter.
Thanks again for your support and interest in SuperGuide.
For those preparing or lodging the 2012/2013 self-managed super fund tax return you may get a rude shock when you discover the ATO has hit your SMSF with a whopping $321 supervisory levy for the year. Read more
The median superannuation growth fund gained 15.6% in value for the 12 months to June 2013, with listed property and shares being the stand-out asset classes for the financial year, according to rating company Chant West. Read more
Good news for Australian fund members, and for Australian super funds! The investment performance results for the 2012/2013 financial year are the best returns in 16 years. Read more
Australian listed property, and Australian and international shares delivered the biggest returns for the 2013 financial year (1 July 2012 to 30 June 2013), according to Warren Chant of rating company, Chant West. He says the best returns came from super funds that had a greater allocation to growth assets and that were better positioned to benefit from the lower Australian dollar. Read more
LATEST RATES AND THRESHOLDS (2013/2014 YEAR)
The ATO has also released updated superannuation rates and thresholds for the 2013/2014 year. Read more
When you start a superannuation account-based pension you must withdraw a minimum amount each year, based on your age and size of your account balance, to enable the earnings on your super pension account to be tax-exempt. Read more
The maximum superannuation contribution base is used to determine the maximum Superannuation Guarantee (SG) contribution that an employer is required to make under the super laws. The maximum superannuation contribution base for the 2013/2014 year is… Read more
If you earn less than $37,000, and you, or your employer, makes concessional (before-tax) contributions to your super fund, you may get a refund of up to $500 for the contributions tax deducted from the super contributions. Read more
MAKING SUPER CONTRIBUTIONS
Listed in this article are 20 popular Q and As about the contributions rules, updated for the 2013/2014 year. Click on the links immediately below the numbered headings in the article to access the relevant Q and A. Read more
Salary sacrificing, by making before-tax superannuation contributions, is a popular strategy for employees on middle-to-high incomes. The deal is that you increase your superannuation balance (and pay 15% contributions tax) while reducing the amount of income tax payable (up to 46.5%) on your salary or wages. Read more
Q: I am earning a salary of $270,000 including super. I am aged 42 and I understand a maximum contribution level applies based on a 9.25% SG contribution. Can you please confirm what the maximum SG contribution is allowed to be for the 2013/2014 year, based on $270,000? Read more
UPDATED CONTRIBUTIONS GUIDES (FOR 2013/2014 YEAR)
Superannuation contributions can be divided into two types — concessional (before-tax) and non-concessional (after-tax). Each type of super contribution is subject to a contributions cap. A contributions cap sets a limit on the amount of contributions you can make in any one year. If you exceed the cap, your excess contributions are likely to be subject to penalty tax. Read more
Non-concessional superannuation contributions are more popularly known as after-tax contributions. You may even hear them called ‘undeducted’ contributions. Such super contributions are subject to a contributions cap, which sets a limit on the amount of non-concessional (after-tax) contributions that you can make in one year (1 July through to 30 June). If you exceed the cap, your excess contributions are likely to be subject to penalty tax. Read more
The Federal Government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super fund, and who earns less than $48,516 a year (for the 2013/2014 year). The tax-free giveaway is officially called the co-contribution scheme. Read more