It may sound like an alien abduction, but in specie transfers have a more down-to-earth meaning in superannuation parlance. Most super fund members are familiar with the process of making contributions to their super account. However, they may be less familiar with the process of transferring an asset such as property ... 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.
How does the First Home Super Saver (FHSS) Scheme work?
Saving a deposit to buy your first home is a tough task, and purchasing an affordable first home can be an even greater challenge. The First Home Super Saver (FHSS) Scheme developed by the Australian Government is one solution, but it’s not for everyone. To help you get your head around whether or not the FHSS Scheme ... Read more
Salary sacrifice and super: How does it work?
While the sacrificing bit might sound painful, salary sacrifice is really just about giving up something now to get a financial benefit later on. Often called salary packaging, many employees choose to set up these types of arrangements with their employer to forgo part of their salary or wages to help pay for a range ... Read more
Beginner’s guide to making super contributions
Building a sizeable retirement nest egg can take some effort, but a recent study by Roy Morgan found only 18% of employees with super currently have more than the compulsory 9.5% of their salary or wages going into their super fund account. This is a significant drop from 2009, when nearly a quarter (23%) of workers ... 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
Making downsizer super contributions: 10 things you need to know
Once you reach age 65, you often find yourself wanting a smaller home or one more suited to your empty-nest requirements. For some retirees, selling the family home can also be a great way to release built-up equity and make an extra contribution to their super account. Under the downsizer contribution rules, your ... Read more
Superannuation Guarantee rules for employers
If there’s one thing guaranteed to have employers pulling their hair out, it’s red tape. Unfortunately, your obligation to pay super to employees comes wrapped in red tape and slip-ups can be costly. So what are the rules? The Superannuation Guarantee (SG) is the official term for compulsory super contributions made by ... Read more
Guide to tax-deductible superannuation contributions
If you’ve got cash to spare and would like to boost your retirement savings, then making a tax-deductible super contribution is a great way to get the maximum bang for your buck. Yes, that’s right. You can boost your super and get a tax deduction to sweeten the deal. But as with everything to do with super, there are ... Read more
Which Australian super funds accept transfers from Kiwisaver accounts?
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
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
A super guide to understanding the bring-forward rule
Putting money into your super account is easy. But to ensure you don’t take too much advantage of the generous tax benefits within the super system, the government has progressively tightened up the rules around making contributions. One way to get some extra money into your super account is by using a ‘bring-forward’ ... Read more