Being the trustee of a self-managed super fund can be a challenging task at times, and most people need a bit of help at certain stages when running a SMSF, particularly when a decision, or strategy, requires financial advice. Traditionally, many Australians have turned to their accountant for assistance, but ... Read more
Super and tax
Find out how your superannuation is taxed including what happens if you retire before the age of 60, the tax-free benefits on or after the age of 60, how the earnings on your super savings are taxed, how your super contributions are taxed, and the tax implications of leaving your super benefits to family or friends when you die.
You can also learn some of the popular tax-effective super strategies, including how the super tax rules affect SMSFs.
Below are some of our key Super and tax articles:
Set out below are all SuperGuide articles referring to Super and tax.
Tax-deductible super contributions: Timing start of pension is essential
Q: I put money into my SMSF in June 2017 from a capital gain. I wasn’t able to tell the fund at that time what it was because my accountant hadn’t completed the figures so that notice was sent to them in August 2017. As I understood the rules, so long as the money was in the fund at June 2017, I could then withdraw any ... Read more
Tax-deductible super contributions: No longer need to meet 10% income test
Q: I work for myself but I also have a part-time job. I have been told that even though I receive SG from my part-time employer, I can also make tax-deductible super contributions. Is that true? And if it is true, how does it work?All Australians are eligible to make tax-deductible super contributions. A ... Read more
Concessional contributions: What form do I use to claim a tax deduction?
Q: I want to make a tax-deductible super contribution to my super fund, in this case, a SMSF, although I also have a super account with an industry fund. I am trying to find the official form for claiming this type of deduction. Could you lead me to a link where I could find a generic S290-170 notice of intent to ... Read more
Managing capital gains tax with super contributions
Q: I am about to make a capital gain of about $200,000 on an investment property I have owned for several years. My marginal tax rate is 32.5% and I am an employee, and 43 years old. I want to contribute the equivalent of the capital gain to my super (which is not a self-managed fund), so I can save some money for the ... Read more
Capital gains: Reducing tax via super contributions
Q: I have a self-managed super fund (SMSF) and I also have two investment properties in my personal name. When I sell the properties, I will be required to pay capital gains tax. Can this capital gains tax be offset by a contribution to the SMSF which would be tax-deductible? Would there be a 15% contributions tax? I ... Read more
Employees can now make tax-deductible super contributions (since July 2017)
Note: The option for employees to make tax-deductible super contributions became law on 29 November 2016, and took effect from 1 July 2017.As an employee, the general rule when making super contributions is, you can take advantage of the concessional (before-tax) contributions rules by salary sacrificing, or by ... Read more
Who can make tax-deductible super contributions?
Note: Since 1 July 2017, all eligible Australians under the age of 75 can claim tax deductions for personal super contributions, subject to the annual concessional contributions cap. Such a measure can assist Australians who may be partly self-employed and partly employed, or individuals who work for employers who ... Read more
Retirementgate revisited: Australian couples and singles punished for saving
Note: This article discloses the retirement savings ‘sweet spot’ (optimal super balance for securing maximum income when combining super and Age Pension payments) for 4 categories of Australians – homeowning couple, homeowning single person, non-homeowner couple, non-homeowner single person. See summary table, charts ... Read more
Superannuation checklist: What rules apply for the 2017/2018 year?
Although the Coalition government has made significant amendments to Australia’s superannuation rules, many of the super policies did not change from July 2017 (see list later in article).For your convenience, we have split the 2017/2018 year superannuation checklist into 2 categories of super rules. The first ... Read more
Super health check for beginners: 10 tips for your 2017/2018 retirement planning
Note: This article is current for the 2017/2018 financial year.Near the start of each financial year, SuperGuide publishes an updated super checklist for beginner readers. More advanced checklists will follow in coming months. Use this list as a kick-start for your 2017/2018 super resolutions. You may not keep all ... Read more
How much can I contribute in non-concessional (after-tax) super contributions for the 2017/2018 year?
The annual non-concessional contributions cap is $100,000 for the 2017/2018 year, and if a person is eligible take advantage of the bring-forward rules, then an individual can make up to $300,000 in non-concessional contributions for the 2017/2018 year (representing his or her annual cap over a 3-year period).An ... Read more
