Note: The information in this article relates to the 2018/2019 financial year and the 2017/2018 financial year (and also refers to the rules applicable for the 2016/2017 financial year). For the 2018/2019 year, the annual non-concessional contributions cap remains at $100,000, and in turn, the bring-forward cap ... Read more
Understanding the transitional bring-forward rule (for 2018/2019 and 2017/2018 years)
Q1: What cap applies for the 2017/2018 year, if I triggered the bring-forward rules during the 2016/2017 or 2015/2016 years? Q2: What cap applies for the 2018/2019 year, if I triggered the bring-forward rules during the 2016/2017 year? Transitional arrangements apply for Australians who are in the middle of a ... Read more
Do I have to be working to make super contributions?
The answer is no, if you’re under the age of 65. An Australian under the age of 65 can make super contributions whether they are working, rearing children, looking after a sick partner, recovering from illness, or on an extended holiday. If you are aged 65 or over then you must satisfy a work test if you’re seeking ... Read more
Non-concessional contributions: Tread carefully when aged 63 or 64 or 65 (3 Q & As)
Note: For the 2018/2019 year, and for the 2017/2018 year, the non-concessional cap is $100,000 and the 3-year bring-forward cap is $300,000. For the 2016/2017 year, the non-concessional (after-tax) cap was $180,000, and the 3-year bring-forward cap was $540,000. Q: I am 64 and want to take advantage of the ... Read more
After-tax super contributions: Beef up using a bring forward
Note: For the 2018/2019 financial year (and for the 2017/2018 year), 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 was $180,000 and the 3-year bring-forward cap was $540,000.) Q: Under the ... Read more
Super contributions: Turning 65 part-way through the year
Q: I turn 65 in March 2019, which means I will be 64 years of age for a large part of the 2018/2019 financial year, but of course I turn 65 during the 2018/2019 financial year. My understanding is that because I will be under 65 for part of the 2018/2019 financial year then I can exercise the bring-forward provisions ... Read more
Age Pension income test: Deeming rates and deeming thresholds
Note: This article explains the latest deeming rates and the deeming thresholds for financial investments under the Age Pension income test. The deeming thresholds increase from 1 July 2018, and will change again from 1 July 2019. If you are seeking information about the latest increases in the thresholds for the Age ... Read more
Age Pension: Assets test thresholds applicable from July 2018
Note: This article explains the latest Age Pension assets thresholds, applicable from 1 July 2018 until 30 June 2019, and also earlier thresholds (including from 20 March 2018 until 30 June 2018, and from 19 September 2017 until 19 March 2018, and from 1 July 2017 until 19 September 2017). If you are seeking ... Read more
Super contributions: Bring-forward rule and your Total Superannuation Balance
Since 1 July 2017, your Total Superannuation Balance can affect how much you can contribute to a super fund. If your Total Superannuation Balance is $1.6 million or more (for the 2017/2018 year, or for the 2018/2019 year), then you cannot make any non-concessional (after-tax) contributions – your NCC cap is nil, and ... Read more
Concessional contributions cap: A quick guide (10 Q&As)
We receive many questions about the concessional contributions caps. We regularly update readers on any changes to the contributions caps (and other super changes), and the implications of such changes on super strategies. The list of 10 Q&As set out below answer many of questions that we have received on the ... Read more
Higher concessional contributions cap no longer applies for over-50s
The special over-50s cap for concessional contributions no longer applies, and was only applicable until the end of the 2016/2017 year. In the 2016 Federal Budget, the Liberal government announced that the over-50s cap would be abolished from 1 July 2017, and would revert to a single concessional contributions cap ... Read more
Annual Minimum Pension Payment Calculator
The SuperGuide Annual Minimum Pension Payment Calculator works out an individual’s minimum pension payment amount, based on the individual’s age and account balance as at 1 July for the financial year. You can try out the calculator below. Note: If you’re looking for a calculator that estimates Age Pension payments, ... Read more
