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. To help you understand it a little better, here’s SuperGuide’s simple explanation of the SG and what it means for ... Read more
2018/2019 guide to concessional contributions (before-tax super contributions)
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. Concessional contributions – what’s that mean? Concessional contributions ... Read more
A super guide to understanding the bring-forward rule
Note: In the 2019 Federal Budget on 2nd April the Treasurer pledged that if the Coalition win the next election Australians aged 65 and 66 will be able to make up to three years of non-concessional contributions under the bring-forward rule. Learn more about these and other super-related announcements. Putting money ... Read more
Salary sacrifice and super: How does it work?
While the sacrificing bit might sound painful, salary sacrifice is really just about giving up something now to get a financial benefit later on. Often called salary packaging, many employees choose to set up these types of arrangements with their employer to forgo part of their salary or wages to help pay for a range ... Read more
What to do if you exceed your super contributions caps
When experts talk about super, they often warn about the importance of not going over your contributions caps, but you don’t always hear about what happens if you do. Although carefully monitoring the amount of contributions you or your employer makes into your super account each year is the wisest course of action, ... Read more
2018/2019 guide to non-concessional contributions (after-tax super contributions)
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 ... Read more
Beginner’s guide to making super contributions
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. This is a significant drop from 2009, when nearly a quarter (23%) of workers ... Read more
Contribution splitting: How to boost your spouse’s super
Note: In the 2019 Federal Budget on 2nd April the Treasurer pledged that if the Coalition win the next election Australians aged up to and including 74 will be able to receive spouse contributions. Learn more about these and other super-related announcements. Topping up your spouse’s retirement savings account with ... Read more
How the Division 293 tax works: Super surcharge for high earners
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. This delightfully named tax is an extra charge imposed on super contributions made by higher income earners. It is designed to reduce the tax ... Read more
Capital gains and super: Using super contributions to reduce your CGT bill
Super contributions can be used in many different ways when it comes to planning your finances and saving for your retirement. In the right circumstances, they can also be a very useful tool for minimising your tax bill. It’s often overlooked that your super contributions can be used to reduce the amount of capital ... Read more
Carry-forward contributions: How your unused contribution limits can help you catch up
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. What are carry-forward contributions? Carry-forward contributions are not a new type of contribution, they are simply ... Read more
Super health check for beginners: 10 tips for your 2018/2019 retirement planning
Note: This article is current for the 2018/2019 financial year. SuperGuide regularly publishes an updated super checklist for beginner readers. More advanced checklists can be found elsewhere on the site. Use this list as a prompt for your 2018/2019 super resolutions. You may not keep all of your resolutions, ... Read more
Boost your super: 10 planning tips for 2018/2019 year
Although many people are still grappling with the superannuation changes that took effect from July 2017, and several more that took effect from July 2018, it’s important to note that many of the underlying super rules remain unchanged. For example, the Superannuation Guarantee (SG) rates remain the same, contributions ... Read more
Take the SuperGuide Quiz (No. 2): Do you know how to boost your super?
How familiar are you with the superannuation contributions rules? Do you know how much your employer should be contributing, and whether your employer’s contributions affect the amount that you can personally contribute? Did you know you can make two types of super contributions? Are there limits on how much you can ... Read more
Latest superannuation rules: 2018/2019 guide
Substantial changes to the superannuation rules took effect from 1 July 2017, and further super changes took effect from 1 July 2018. Have you investigated how the super changes will affect your superannuation and retirement plans for the 2018/2019 year, and for future financial years? At the same time, many of the ... Read more