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
What is myGov and how do I use it?
These days, rolling up to your local Centrelink, ATO or Medicare office to ask a question or get some help is a thing of the past. Instead of talking to real people, we now have to deal with the government via our myGov account. But using myGov is not always a smooth process, so here’s SuperGuide’s simple guide to the ... 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
Is super better or worse than ever?
Superannuation in Australia has a history that’s over 150 years long, but it’s really only in the last three decades that it’s become accessible to all working Australians. In that time, it’s undergone constant change, but does that mean we’re worse off than before – or better? ... Read more
How ‘guaranteed’ is a rise in the superannuation guarantee?
Soon after the election Treasurer Frydenberg flagged there would be an inquiry into retirement incomes. Since then, no details have emerged. But there is gossip around Canberra there might be some action in the next couple of weeks on a review that would report before the end of 2020. This issue, with compulsory ... 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
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
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
Does the ATO do enough on unpaid super?
For many years SuperGuide has regularly received angry emails from readers about their employers not paying their super entitlements and the ATO being unable to help recover the money. Many employees have lost significant amounts of workplace entitlements because their employer has either not paid their SG, or has ... Read more
Three retirement income priorities for the returned Morrison Government
The Morrison Government confronts a big agenda when it comes to retirement incomes. They need to implement the superannuation recommendations of the Hayne Royal Commission and respond to the Productivity Commission inquiry into superannuation costs. And Treasurer Josh Frydenberg hopes to establish an independent review ... Read more
Selecting your super fund: Can I make the choice?
Life is full of choices and the super system is no different. But there is one area where not everybody has a choice and that’s when it comes to selecting the super fund into which their employer directs the Superannuation Guarantee (SG) contributions they make on their behalf. Most Australians – whatever the industry ... Read more
Quiz: Planning for retirement
Take the following 10 question quiz to test your knowledge on how to plan for your retirement. Don't worry if you don’t know the answer to a question. Have a go anyway and we’ll let you know the correct answer, as well as providing you with a link to a relevant article. Note: When you pick an answer the correct ... Read more
$20 billion per year. That’s how much higher superannuation could take from wages
Stagnant wages are a huge issue in this election campaign. So it is odd that both major parties are hanging onto a policy that will take more out of workers’ pockets. ... Read more
Quiz: Boosting your super with super contributions
Take the following 10 question quiz to test your knowledge on boosting your super with superannuation contributions. Don't worry if you don’t know the answer to a question. Have a go anyway and we’ll let you know the correct answer, as well as providing you with a link to a relevant article. Note: When you pick an ... Read more
What to do if your employer doesn’t pay your super
The Superannuation Guarantee (SG) is the name for the contribution your employer makes to your super fund on your behalf. You can learn more about whether you are eligible for the Superannuation Guarantee, and how it is calculated in the SuperGuide article Your simple guide to Superannuation Guarantee (SG) ... Read more