These days it’s rare for a government to be more generous about handing out benefits, but when it comes to helping boost your spouse’s super, that infrequent event is set to happen.From 1 July 2017, the maximum income threshold for the spouse contributions tax offset jumps from its current measly upper limit of ... Read more
Super concessional (before-tax) contributions: 2017/2018 survival guide
Note: This article explains the rules applicable to concessional contributions for the 2017/2018 year, and also explains the rules applicable for the 2016/2017 year. You can also find information about the lower concessional cap, effective from 1 July 2017, see SuperGuide article Concessional contributions caps to be ... Read more
Your 2017/2018 guide to non-concessional (after-tax) contributions
Note: This article explains the rules applicable to non-concessional contributions for the 2017/2018 year, and explains the rules applicable for the 2016/2017 year. You can also find information about the lower non-concessional cap, effective from 1 July 2017, in SuperGuide article New $100,000 cap: Cut to ... Read more
Non-concessional contributions: Tread carefully when aged 63 or 64 or 65 (3 Q & As)
Note: From 1 July 2017, the non-concessional cap is $100,000 and the 3-year bring-forward cap is $300,000. The $180,000 non-concessional (after-tax) cap, and the 3-year $540,000 bring-forward cap remains until 30 June 2017.Q: I am 64 and want to take advantage of the bring-forward rules when making ... Read more
After-tax super contributions: Beef up using a bring forward
Note: Taking effect from 1 July 2017, the annual non-concessional contributions cap is $100,000, and the 3-year bring-forward cap is $300,000. For the 2016/2017 year, the annual after-tax contributions cap is $180,000 and the 3-year $540,000 bring-forward cap will remain until 30 June 2017.Q: Under the 2-year ... Read more
Making super contributions: Aged 65 years or older
Q: From reading SuperGuide articles, I can see that from July 2017, there is no longer a special contributions cap for people between 50 and 74 years, but a general concessional contribution cap of $25,000 a year for all age groups. I can also see that for non-concessional contributions, the cap is now $100,000 from ... Read more
Bring-forward rule: 10 super facts you should know
Note: The 10 facts in this article relate to the 2017/2018 financial year, and also refer to the rules applicable for the 2016/2017 financial year.Taking effect from 1 July 2017, a lower annual non-concessional (after-tax) contributions cap of $100,000 applies, and this change flows through to a lower 3-year ... Read more
Superannuation checklist: What rules apply for the 2016/2017 year?
With only weeks left of the 2016/2017 financial year, it is timely to consider whether you plan to take advantage of pre-July 2017 rules, especially in relation to making super contributions.Although the Coalition government has made significant amendments to Australia’s superannuation rules, many of the big-ticket ... Read more
Super for beginners, part 7: Can I split my super benefits with my spouse?
Q: I am 42 years old and my partner is 57 years old. We have a very big mortgage as we are both the casualties of wealth destroying divorces and single parenthood! We intend to pay off our mortgage before putting more into our superannuation. Can I transfer part of my superannuation to his fund now, as I have much ... Read more
Salary sacrificing and super: 10 facts you should know
Salary sacrificing superannuation, by making before-tax super 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, and for those earning an adjusted taxable income of more than $300,000, pay 30% tax on ... Read more
Super for beginners, Part 1: I’m new to Australia – help me!
Q: I’m new to Australia and I have no idea where to start with my super in order to have the best outcome 40 years from now. So far, I have had my super spread between 3 industry super funds, as organised by temp employment agencies. I know this is not the way to continue, but I am not sure who to trust to point me in ... Read more
Double contributions tax for more high-income earners
Note: Until 30 June 2017, anyone earning an ‘income for surcharge purposes’ of more than $300,000 pays an extra 15% tax (total of 30%) on concessional (before-tax) super contributions. From 1 July 2017, the income threshold for paying the extra 15% tax on concessional contributions will be expanded to Australians ... Read more
