Believe it or not there is still the possibility to get some free money from the government. The superannuation co-contribution is hanging on in there for a little longer so make use of it if you can and grab up to $500 of free cash. Even better, why not pop some $ into your (working)… Read More Free Money – Co Contribution
This year the end of the tax year, being 30th June, falls on a Sunday. If your intention is to make tax deductible or non-concessional contributions to super they must hit your superfund (not leave your bank) by the 28th June in order to be included in the 2023 year. Be aware that if you… Read More 28th Is The New 30th
The Stage 3 personal marginal income tax cuts are now legislated and will start 1 July 2024. Everyone with taxable income over $120k should be very excited! Unfortunately those earning less than $45k less so as they will get no cuts. However for the higher earners, that nasty 47% tax rate will now not kick… Read More Tax benefits of Deductions for Super Contributions
Prior to 1 July 2022, individuals aged between 67 and 75 needed to satisfy a work test, of 40 hours work in 30 days, prior to making a voluntary superannuation contribution in order for it to be accepted. This work test requirement has now been removed for the following contributions; However, the potential trap is… Read More End of the Work Test – well kind of
The age eligibility of the downsizer contribution has been lowered to 55 from 1 July 2022. This is in line with when average Australians actually downsize, which statistically is in their late 50’s to early 60’s. The downsizer contribution allows you to put $300k each into super when you sell your home. This is in… Read More Downsizer Contributions to Super
Making super simple – 2 ways to contribute… Read More 2 ways to increase your super
A few reminders for you all, which will hopefully make you a little more comfortable in retirement … If you are an employer (even if your only employee is yourself), then from the 1st July the SGC has increased to 9.5%. Make sure you therefore increase your employee super amounts in the next pay run,… Read More Super ! Contribution Limits Increased
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