If you have KiwiSaver savings, you can voluntarily transfer them to an Australian super fund under the provisions of a Trans-Tasman Retirement Savings Portability scheme that was introduced on July 1, 2013.Consolidating your funds in this way can help you to avoid paying multiple fees on your retirement savings. ... Read more
Superannuation contributions strategies
In this section you can learn about super contributions strategies you can consider in order to boost your super balance.
Learn about the most common super contributions in the following SuperGuide articles:
Set out below are all SuperGuide articles that relate to Superannuation contributions strategies.
The pros and cons of investing your inheritance into super
Receiving an inheritance is usually a mix of emotions. Although you’re happy about the improvement to your finances, it’s often coupled with sadness about the loss of a family member or friend. It also brings lots of confusion about the best way to manage the bequest. While your first thought may be to pay off your ... Read more
Proportioning rule and super tax: What it is and why it matters
When it comes to your super benefits, tax is always at the heart of it, whether it’s when you make a contribution, or when you take your money out at the other end. As the super system offers special tax benefits to help Australians save for their retirement, there are strict rules in place about how much tax you pay ... Read more
2019/2020 guide to non-concessional contributions (after-tax super contributions)
Most employees know their employer is helping to build their retirement savings by making regular contributions – like the Super Guarantee (SG) – into their super account as part of their salary package. These contributions are taxed concessionally – or at a special low rate – of 15% to encourage Australians to save ... Read more
Work test: Making super contributions over 65
Reaching age 65 is one of life’s big milestones, but unfortunately, it does make putting money into your super account a bit more difficult.Instead of just being able to make an electronic payment straight into your super account, you need to prove you are actually ‘working’ as well.If you are aged 65-74, you must ... Read more
2019/2020 guide to concessional contributions (before-tax super contributions)
Although it can be difficult getting your head around all the different types of super contributions that go into your super account, concessional contributions are the ones you are mostly likely to have and are pretty straightforward to understand. Concessional contributions – what’s that mean? Concessional ... Read more
Carry-forward contributions: How your unused contribution limits can help you catch up
Feel like you’ve missed the boat when it comes to your retirement savings? Carry-forward super contributions could be the answer for many Australians looking to boost the balance in their super account. What are carry-forward contributions? Carry-forward contributions are not a new type of contribution, they are simply ... Read more
Learn to love LISTO: Low income earners get their super tax refunded
It’s getting harder to pocket a tax refund these days, so when the Government is offering one for your super contributions, it’s worthwhile knowing just how you much you are likely to get.And best of all with the Low Income Superannuation Tax Offset – or LISTO for short – the tax man and your super fund do all the ... Read more
What is the maximum super contribution base for 2019/2020?
The Superannuation Guarantee (SG) is the name for the contribution your employer makes to your super fund on your behalf. The current SG contribution rate is 9.5% of your earnings up to a limit called the maximum super contribution base (MSCB). If you earn above that limit in a particular quarter, your employer is not ... Read more
SMSF housekeeping: Trustee checklist for 2019/2020
The past few years have seen SMSF trustees kept busy implementing numerous legislative modifications to the super system, plus the major reform package commencing on 1 July 2017. Unfortunately, this financial year seems unlikely to be any different.With the new Morrison Government announcing plans for yet another ... Read more
Gaining from the government: How you can score a co-contribution freebie
Free money from the Government is a pretty rare thing and most Aussies would be willing to go a bit out of their way to try and get some, but one of the easiest routes to those extra bucks is often overlooked.One of the simplest ways is to invest a few extra dollars into your super account and take advantage of the ... Read more
Key superannuation rates and thresholds (2019/2020 year)
There are a range of key rates and thresholds that can affect your super, including:Concessional contributions cap Non-concessional contributions cap Division 293 tax Superannuation guarantee (SG) Superannuation co-contributions Tax offset for super contributions on behalf of your spouse Low-income ... Read more
The rules of superannuation: Your guide for 2019/2020
When you mention super, most people shake their head and mutter about the constant rule changes. Looking back over the past few years it’s a fair comment, with many significant changes occurring – and many more proposed but never legislated.If you are wondering how those changes have affected your super and ... Read more
Super housekeeping: 10 tips for the end of financial year
With only a few weeks remaining before the end of the 2018/2019 financial year, it’s time to ensure you have your super affairs in order and all your paperwork is ready for the big day when you lodge your income tax return.To help ensure you have maximised the tax benefits available within the super system, here’s ... Read more
What is included in my Total Superannuation Balance, and when does it apply?
The concept of total superannuation balance, or TSB, was introduced on 1 July 2017 as part of the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 as a means to measure your total superannuation interests at any point in time.It is used to determine eligibility for a number of new superannuation ... Read more