From tax on super lump sums to the transfer balance cap, there are a range of rates and thresholds that can affect your super. In this article we provide an overview of the key aspects of each of these rates and thresholds for 2019/20.
The Senior Australians and Pensioners Tax Offset (SAPTO) won’t shower you in riches. But depending on your age, relationship status and income, it could provide a handy tax offset of up to $2,230.
Besides being a great way to save for retirement, Australia’s super system offers some valuable – but little-known – benefits for super fund members. Here’s our list of the top 10 super benefits and how they can help improve your financial situation.
The Low and Middle Income Tax Offset (LMITO) helps low and middle income earners lower the amount of tax they need to pay. Because it is a tax offset, it can only be used to lower the amount of tax that you owe and not to generate a tax refund or pay your Medicare Levy.
Learn the Australian income tax rates for 2019/2020 and previous years, as well as details on how income tax is calculated, deductions, offsets and levies.
The Low Income Tax Offset (LITO) means working Australians can earn up to $20,452 before they need to pay any income tax. It was introduced by the Government in 1993. Because it is a tax offset, it can only be used to lower the amount of tax that you owe and not to generate a tax refund or pay your Medicare Levy.
The Personal Income Tax Plan which provides targeted tax relief over seven years for low and middle income earners and protects middle income Australians from bracket creep consists of three steps.
When it comes to the super system, reaching age 60 triggers an important change. It means you can withdraw you super benefits and most people pay no tax on their savings.
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.
This article summarises the Coalition’s main election announcements related to superannuation, tax, investing and matters that may affecting your retirement planning.
The 2019 Federal Election has been announced for 18 May, and the ALP are now presenting their campaign policies to the nation.
With all the announcements on tax over the past few days it’s hard to keep track. So here goes. A year ago the then treasurer Scott Morrison unveiled a “seven year personal tax”.
On 2 April 2019, Josh Frydenberg announced his first Federal Budget as Treasurer. There were only a handful of policies that directly relate to superannuation, but also tax cuts and a one-off energy payment for older Australians.
The issue of whether or not retirees should be able to get a refund in dividend imputation has sparked considerable discussion of retirees’ income and wealth.
In this article Jim Bonham explores the long-term impact of the January 2017 Age Pension changes, for both retirees and for future federal government budgets.