Yes, it’s true. The government is giving away free money. There are a few catches, however, and they’re not going to give you a fortune. But if you qualify, this is a government perk that is well worth contemplating.
As of 2017, almost all working Australians can make a personal superannuation contribution for which they claim a tax deduction. For most people, this provides an immediate positive return on their investment. This article explains how to make the most of personal superannuation contributions.
There are two ways to think about the price of anything. The first is the number of dollars it would cost to purchase that thing. The second is to think about what else we could spend our money on. This is called ‘opportunity cost’ and it is always worth remembering when you make a purchase.
Until now, salary sacrifice has been one of the only ways that an employee can make an extra tax-advantaged contribution into their super fund. But that changed on 1 July 2017. Now, almost everyone can make additional contributions without their employer even knowing – which might come in handy next time you ask for a pay rise!
Recent changes to the assets test have increased the rate at which the aged pension is reduced when assets exceed a certain level. This has led to what some people describe as a superannuation sweetspot. Hitting this sweet spot can make a big difference to your retirement, so read on and contact us if you would like to discuss how you can hit your own sweetspot.
As the financial year draws to an end, our thoughts turn to the next one. Superannuation will look quite different in 2017/2018, and so we want to start the new financial year with a summary of the various rules that apply to your super. Please feel free to download our ‘Super summary’ and send it to anyone you think would benefit from it.
Compared to previous years, the 2017 Budget was a bit of an anti-climax. In previous years, there have been a number of big-ticket changes - such as the big changes to superannuation that we have been discussing in recent articles. But this year there have simply been a whole lot of small changes, some of which will be of benefit and others will represent a small loss.
The 2016 Federal budget introduced a number of changes to superannuation. Many of these changes take effect on 1 July 2017. This week’s article follows on from our article of a fortnight ago. We continue to explore the coming changes and how you can ensure you are prepared for them. We hope you enjoy it!
The 2016 Federal budget introduced a number of changes to superannuation. Many of these changes take effect on 1 July 2017.
This is just a few weeks away, so this is a good time to review the changes and decide if you need to make any adjustments to your super to minimise any negative effects of the changes.