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
Superannuation strategies
Superannuation strategies can be any super-related action that can help an individual grow his or her benefit. Such action can include strategies that boost your super, processes on choosing investments or investment options, steps to compare super funds, age-based superannuation guides, ways to minimise income tax via super contributions and other super and tax strategies.
The following SuperGuide articles provide examples of superannuation strategies:
Set out below are all SuperGuide articles referring to Superannuation strategies.
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
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
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
Superannuation checklist: What rules apply for the 2016/2017 year?
With only weeks left of the 2016/2017 financial year, it is timely to consider whether you plan to take advantage of pre-July 2017 rules, especially in relation to making super contributions.Although the Coalition government has made significant amendments to Australia’s superannuation rules, many of the big-ticket ... Read more
Burden for retirees: Monitoring $1.6 million transfer balance cap
Effective from 1 July 2017, for every Australian, a cap of $1.6 million will be imposed on the amount of super that can be transferred into retirement phase (what we currently call pension phase). For Australians in pension phase before July 2017 and who will have more than $1.6 million in super pension accounts as at ... Read more
For over-65s: Ten tips when making super contributions
You can make voluntary superannuation contributions up to the age of 74 (that is, before you turn 75), and these can be concessional (before-tax) or non-concessional (after-tax) contributions. If you’re aged 65 or over, then you must satisfy a work test, if you intend to make super contributions. Anyone under the age ... Read more
Super loophole benefits politicians and senior public servants
Amid the confusion surrounding the $1.6 million transfer balance cap on super pensions, and the short timeframes available to comply with this July 2017 change, a small but important loophole has been missed by the super experts.Many ex-politicians and most retired senior bureaucrats, who are aged under 60, will ... Read more
