If you are aged 65 years or older, you are currently able to make downsizer contributions of up to $300,000 into your superannuation fund from the sale of your main residence (as of 1 July 2018). The Federal Budget recently announced that the age limit for downsizer contribution payments will be reduced from 65 to…
From 1 July 2022 employees will no longer need to meet the monthly minimum income threshold of $450 to receive superannuation guarantee payments from their employers due to the Federal Budget’s recently announced changes to superannuation. Previously, employers did not need to pay employees superannuation guarantee payments if they did not earn $450 per month.…
The Federal Budget dropped on Tuesday, 11 May, with many announced amendments and changes that affected the superannuation and SMSF sectors. Non-concessional contributions increased maximum limits were announced and would come into effect as of 1 July 2021, increasing the cap from $110,000, up from the previous cap of $100,000. Personal Contributions made into an…
Gender gaps can affect superannuation accounts as much as they can affect salary rates. With barriers to entering into fields, lower hourly rates of pay, less hours worked and more unpaid labour affecting the amount of super Australian women are retiring with, as compared to men. Currently, the median superannuation balance for men aged between…
Contractors who run their own business and sell their services to others have different obligations to their super than what employees in a business may usually have. A contractor (also known as an independent contractor, a subcontractor, or a subbie) who is paid wholly or principally for their labour is considered to be an employee…
It’s likely that you’re already aware that people can put money into their super up until they reach 67 years, and probably already do so yourself. But did you know that you can put money into your children’s superannuation for them, if they are under 18 years old? One of the advantages of doing this…
With a significant number of Australians approaching retirement and looking at the best ways to maximise their retirement assets and income from their super for it, retirement planning makes sense. Unfortunately, there are those who want to target people approaching and planning for their retirement with schemes designed to ‘help’ retirees and prospective retirees avoid…
Marriage and de facto relationships come with a number of perks – but did you know that if your partner earns less than you or is not currently working, you could contribute to their super fund savings? Many households in Australia, either as a result of unemployment, maternity/paternity leave or by choice, have single-income households.…
If you’re self-employed, you aren’t required to pay yourself super guarantee payments. It is however a recommended way to save for your retirement, and making personal super contributions could be beneficial for you in the long run. As a self-employed individual, you can make regular or lump-sum payments to your super, potentially claim a tax…
Checking that your pay as you go instalments (PAYG) still reflect your expected end of year tax liability is a good idea. PAYG instalments can be varied multiple times throughout the year, with the varied amount or rate applying to the remaining instalments for the income year, or until another variation is made. PAYG instalments…