A recent paper by advocacy group, Save Our Super, originally produced for SuperGuide, has uncovered financially devastating repercussions for Australia because of harsh Age Pension and superannuation policies made in haste and with hubris, and implemented with gusto by Federal Treasurer, Scott Morrison.Treasurer ... Read more
Making superannuation contributions
Superannuation contributions (including personal contributions and employer contributions) are a cash amount, or in some cases an asset, that is contributed to a complying superannuation fund, on behalf of an individual under the age of 75.
Super contributions and earnings on those contributions are the key to accumulating a substantial retirement nest egg. Find out how you can make concessional (before-tax) contributions, non-concessional (after-tax) contributions, receive co-contributions and more. As a starting point you may want to consider reading the following SuperGuide articles:
Set out below are all SuperGuide articles referring to Making superannuation contributions.
Retirement income and savings trap: 13 findings from Save Our Super’s paper
For a couple who own their home, the retirement savings ‘sweet spot’ target should be $400,000, to ensure maximum income (utilising super savings and Age Pension entitlements under the 2017 changes), according to a paper written by advocacy group, Save Our Super.Only when superannuation savings increase to ... Read more
Retirement income and savings trap caused by Coalition’s 2017 superannuation and Age Pension changes
Note: 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. The authors of this article, Jack Hammond, founder of Save Our Super, and Terrence (Terry) O’Brien, a retired Treasury official, ... Read more
No rest for SMSF trustees: 10 jobs for life after 1 July 2017
Although most SMSFs trustees have had a busy time preparing for the arrival of the new super system rules on 1 July 2017, the upcoming financial year will not be a time to kick back and forget about your SMSF.In fact, the new regime will usher in a number of fresh challenges that are likely to keep SMSF trustees up ... Read more
Boost your spouse’s retirement kitty: 10 things 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.From 1 July 2017, the maximum income threshold for the spouse contributions tax offset jumps from its current measly upper limit of ... Read more
Super concessional (before-tax) contributions: 2017/2018 survival guide
Note: This article explains the rules applicable to concessional contributions for the 2017/2018 year, and also explains the rules applicable for the 2016/2017 year. You can also find information about the lower concessional cap, effective from 1 July 2017, see SuperGuide article Concessional contributions caps to be ... Read more
Your 2017/2018 guide to non-concessional (after-tax) contributions
Note: This article explains the rules applicable to non-concessional contributions for the 2017/2018 year, and explains the rules applicable for the 2016/2017 year. You can also find information about the lower non-concessional cap, effective from 1 July 2017, in SuperGuide article New $100,000 cap: Cut to ... Read more
Cashing in on the co-contribution rules (2017/2018 year)
Note: This article explains the co-contribution rules for the 2017/2018 and 2016/2017 years (and later in the article, also for the 2015/2016, 2014/2015, 2013/2014, 2012/2013 and 2011/2012 years).The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their ... 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
I’m retired. Can I make super contributions?
Q: If I have retired from work and later on inherit a reasonable sum of cash, can I make a non-concessional contribution into my superannuation fund? OR is that only permitted while I am working, regardless of my age?A: For the benefit of other readers, I will first explain the meaning of a non-concessional ... Read more
Over-65s work test: How does it operate again?
Does 40 hours in any 30-day period include weekends or is it 6 x 5-day weeks? I read in a bank’s booklet on superannuation that it must be “at least 40 hours in a period of not more than 30 consecutive days during the financial year ….”. This seems to imply working beyond 30 days is not permitted. Is there a maximum ... Read more
July 2017 super changes: ATO Guidance Notes and Law Companion Guidelines
You have to worry about the complexity of super changes, when the Australian Taxation Office releases a suite of Law Companion Guidelines (LCGs), trying to explain many of the July 2017 changes, and several of these LCG documents exceed 100 pages a pop.The LCGs have been written with advisers and accountants in ... Read more
