Super Guarantee Rate To Rise On July

Super Guarantee Rate To Rise On 1 July

Many years ago Julia Gillard’s government announced increases in the Superannuation Guarantee rate from 9% at the time, up to 12%.  The impact of the Global Financial Crisis has led subsequent governments to continually postpone these increases. So far, Australia has only received two increases, back in 2013 and 2014, when the superannuation rate went…

Downsizer Contributions – What Are They

Downsizer Contributions – What Are They?

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…

Removing Superannuations Minimum Income Threshold Limit

Removing Superannuation’s Minimum Income Threshold Limit

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.…

What Does The Non Concessional Cap Increase Mean For You

What Does The Non-Concessional Cap Increase Mean For You?

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 Inequality in Superannuation

Gender Inequality in Superannuation

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…

Super For Contractors

Super For Contractors

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…

Why Should Your Child Have A Superannuation Fund

Why Should Your Child Have A Superannuation Fund?

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…

Retirement Planning Schemes and What They Can Do To Your Super

Retirement Planning Schemes and What They Can Do To Your Super

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…