Having a total super balance of $1.6 million can create real problems. If you want to add more to your super account, here’s four strategies to consider.
Making a tax-deductible super contribution can be a great way to boost your retirement savings. Find out whether they could be the right strategy for you.
Saving a deposit to buy your first home is a tough task, and purchasing an affordable first home can be an even greater challenge. The First Home Super Saver (FHSS) Scheme developed by the Australian Government is one solution, but it’s not for everyone. To help you get your head around whether the FHSS Scheme is for you, check out our 10-point guide.
From 1 January 2020, your salary sacrificed super contributions can’t be used by your employer to reduce their SG payment obligations, regardless of the amount you elect to salary sacrifice.
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.
If there’s one thing guaranteed to have employers pulling their hair out, it’s red tape. Unfortunately, your obligation to pay super to employees comes wrapped in red tape and slip-ups can be costly. So what are the rules?
Is it better to use an inheritance to pay off the mortgage, invest, or put it into super? We look at what you need to weigh up before you choose.
If you’re single and a woman, then the super stats are stacked against you. But you can still come out winning in the super stakes if you do what these three smart women did…
The key thing to understand about the work test for super contributions over the age of 65 is that you need to be ‘gainfully employed’ on at least a part-time basis to pass the work test.
Although it can be difficult 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.
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.
It’s getting harder to pocket a tax refund these days, so when the Government is offering one for your super contributions, it’s worthwhile knowing just how you much you are likely to get.
For most high income earners, saving for your retirement through super is a sensible strategy, but you need to watch you don’t fall foul of the dreaded Division 293 tax.
The past few years have seen SMSF trustees kept busy implementing numerous legislative modifications to the super system, plus the major reform package commencing on 1 July 2017. Unfortunately, this financial year seems unlikely to be any different.
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.