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.
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.
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.
If you are wondering how recent rule changes have affected your super and retirement plans, here’s a quick guide to the key changes and when they commenced.