Australia. The nation participated in a non-compulsory and non-binding survey run by the Australian Bureau of Statistics, rather than the Australian Electoral Commission, to determine if gay and lesbian Australians should be given the right to marry, a right already held by all other adult heterosexual ... Read more
Contributing to your spouse’s super account (4 Q&As)
Q: I’m fully employed while my wife has not been working, and she is unlikely to return to work before the end of this financial year (end of 2018/2019 year), and most likely some time during the 2019/2020 year. My question concerns maximising tax strategies for this year (2018/2019 year) and next year (2019/2020). Can ... Read more
Super for beginners, part 7: Can I split my super benefits with my spouse?
Q: I am 42 years old and my partner is 57 years old. We have a very big mortgage as we are both the casualties of wealth destroying divorces and single parenthood! We intend to pay off our mortgage before putting more into our superannuation. Can I transfer part of my superannuation to his fund now, as I have much ... Read more
Non-concessional contributions: 10 facts about the $100,000 cap
The annual $100,000 non-concessional (after-tax) contributions cap became law on 29 November 2016, and took effect from 1 July 2017 (from the start of the 2017/2018 year), and continues to apply for the 2018/2019 financial year. We receive a lot of questions from readers seeking information about how the ... Read more
Spouse contributions tax offset: 10 facts you need to know
These days it’s rare for a government to be more generous about handing out benefits, but when it comes to helping boost your spouse’s super, that infrequent event is set to happen. Since 1 July 2017, the maximum income threshold for the spouse contributions tax offset jumped from the previous meagre upper limit of ... Read more
Total Superannuation Balance: 7 reasons why your TSB matters
Saving for retirement in Australia has become a lot more complicated since July 2017. The federal government has cut the annual contributions caps and has also restricted the amount of money you can transfer to retirement phase. For Australians with large superannuation balances, the federal government has also ... Read more
