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.
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 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.
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.
The 2019 Federal Election has been announced for 18 May, and the ALP are now presenting their campaign policies to the nation.
Doubling the effect of the Age Pension taper rate from 1 January 2017 (losing $3 for every $1,000 of assets over the assets test threshold, rather than losing $1.50 for every $1,000 of assets), means that Australian couples are effectively taxed 150% for lifetime super savings between $400,000 and $800,000. This hit means that doubling super savings will convert to about $11,000 less total income each year.
SuperGuide has invited advocacy group, Save Our Super, to highlight the immediate and long-term implications of the federal government’s latest changes to super and the Age Pension.
SuperGuide has invited advocacy group, Save Our Super, to explain the importance of ‘grandfathering’ existing rules when significantly adverse changes to super and age pension law are introduced.