Tag Archives: superannuation

Work Test Age Extended to Age 67

July 10, 2020

Contributing to superannuation can be one of the simplest and yet most tax effective ways to build wealth for retirement.  This is because the government provides a range of tax concessions to encourage superannuation contributions.  The concessions include a tax offset of up to 18% for spouse contribution, the Federal Government co-contribution of up to […]

Downsizer Super Contributions

June 11, 2019

Legislative changes of recent years have made it difficult for people to make sizeable superannuation contributions too close to their retirement. It is because there are now legislative limits (called ‘caps’) on how much each of us can contribute to super per year. The annual cap on pre-tax contributions is $25,000, and it includes the […]

Don’t lose your insurance cover in super

May 28, 2019

You may have a small inactive superannuation accounts that was set up purely to take out or maintain life insurance. Often the reason for retaining these types of accounts is because it may not be possible to obtain similar insurance cover elsewhere due to age or health reasons. Some of these covers may soon be […]

Self-employed: working till they die with no backup plan

November 2, 2017

Approximately 10% of the workforce in Australia is self-employed and it is currently not compulsory for them to make superannuation contributions since the Superannuation Guarantee largely applies to employees only. While self-employed are busy focusing on the day-to-day running of their businesses, many overlook the advantages of superannuation and generally fail to plan ahead for […]

Pre-Retirement – Re-contribution is still alive, but the timing is essential

September 11, 2017

Numerous superannuation strategies can be developed to enhance an individual’s position prior to retirement. Here we look at one of them, called the ‘re-contribution strategy’. Re-contribution is an alternative strategy to rolling super into a pension. In this case, one takes a lump sum out of super first and then puts the money back into […]