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.
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.
For some retirees, selling the family home can also be a great way to release built-up equity and make an extra contribution to their super 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?
You can make contributions into your super account from your take home pay or money outside the super system. Since these contributions have already been taxed before you contribute them to your super account, they are not treated concessionally and are called non-concessional contributions.
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.
Although it sounds complicated, bring-forward contributions are just what they sound like – you bring forward your non-concessional contributions caps from future years and use them in a shorter time period.
One of the simplest ways to get free money from the government is to invest a few extra dollars into your super account and take advantage of the co-contribution scheme.
With only a few weeks remaining before the end of the 2018/2019 financial year, it’s time to ensure you have your super affairs in order and all your paperwork is ready for the big day when you lodge your income tax return.
It was not that long ago that same-sex couples and families were treated differently to other couples and families for income tax and super law purposes.
Take the following 10 question quiz to test your knowledge on boosting your super with superannuation contributions.
Working out how best to grow your super nest egg can be confusing and selecting the right mix of concessional (before-tax) and non-concessional (after-tax) contributions makes it even tougher.
Read this article to learn more about how much you can contribute and what happens if you exceed your super contribution caps.
The most common type of contribution regularly going into your super account is likely to be the Superannuation Guarantee – or SG for short – which is the contribution your employer (whether large or small) is required to make into a super fund on your behalf.