Are you entitled to a tax deduction on super personal contributions? This financial year is the first time that employees can claim a tax deduction for their personal super contributions. Personal super contributions made during the 2017-18 financial year can now be claimed as a tax deduction by most Australian workers. This follows changes made […]
Want to help boost your retirement savings while potentially saving on tax? Here are five smart super strategies to consider before the end of the financial year. 1. Add to your super – and claim a tax deduction This financial year, there are new rules about who can claim a deduction for personal (after tax) contributions […]
Younger generations should arguably be in a better position to self-fund retirement at the current super guarantee rate of 9.5% which is set to rise to 12% by 2025. But the sooner they start planning their transition to retirement (TTR), the better. Overview of TTR With transition to retirement (TTR) you can keep working while […]
New contribution opportunities New super rules that took effect on 1 July this year have created new contribution opportunities to super. Consider making personal deductible contributions Prior to 1 July 2017, if you earned more than 10% of your income from eligible employment, you could not make personal deductible super contributions (PDCs). This ‘10% income […]
“If you have a spouse and have (or are likely to have) more than the $1.6 million super cap, there are things you can do to improve your situation when you retire.” The $1.6 million super cap From 1 July 2017, there is a limit on how much super you can transfer to ‘retirement phase’ […]
Binding nomination: what you need to know? Also, did you know that your super is not normally dealt with as part of your will? Your super is held by the super trustee on your behalf and therefore the trustee may have a degree of control over who receives your super benefit if you die. There are […]
Total superannuation balance A person’s total superannuation balance (includes both tax-free and taxable components) at a particular time will, very broadly, include: i. the value of their accumulation phase (including any defined benefit) superannuation interests, and the balances of Transition to Retirement (TtR) income streams, plus ii. if they have a transfer balance account (ie […]
With the end of the financial year fast approaching, it’s a good opportunity to have your super savings reviewed by a superannuation expert. A simple conversation today could help you build for a better lifestyle tomorrow—as well as keep a few more tax dollars in your pocket this financial year. OVER 55? MORE END OF FINANCIAL YEAR STRATEGIES […]
The retirement countdown As retirement looms it’s important to ramp up your planning – financial and otherwise.The following checklists are designed to remind you of some of the key things you should do at different stages on your road to retirement. As you’ll see, you may need to reassess some of the same questions at […]
