Your employer must pay their SG contributions at least four times a year in line with the quarterly due dates. The simplest way to check whether your employer has paid your SG contributions into your super account is to contact your super fund.
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.
Read this article to learn more about how much you can contribute and what happens if you exceed your super contribution caps.
Continuing to contribute to your super account even after you have retired can be a rational decision, as your super savings are taxed at a lower rate than your normal income outside the super system.
If you are aged 65 or over, compulsory employer contributions like Super Guarantee contributions can be made directly into your super account.
Topping up your spouse’s retirement savings account with some of your own super contributions can be a great way to help them save for life after work – and possibly save yourself some tax in the process.
Simply put, superannuation is money you put in a super fund while you are working to provide income later in life when you retire.
The most common type of contribution regularly going into your super account is likely to be the Superannuation Guarantee – or SG for short – which is the contribution your employer (whether large or small) is required to make into a super fund on your behalf.
This article broadly explains how superannuation is taxed, including when you make contributions, as your super grows, and when you access your super.
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.