‘Super’ Category:
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Super contributions for your Spouse
Spouse Contributions Under the current 2021/22 tax rules, you may be able to claim an 18% tax offset on super contributions up to $3,000 that you make on behalf of your non-working or low-income-earning partner. You can contribute more than…
Contribute to your super and claim a tax deduction
If you contribute some of your after-tax income or savings into super, you may be eligible to claim a tax deduction. This means you’ll reduce your taxable income for this financial year – and potentially pay less tax. And at…
Super Deadline Approaching
Most employers are aware of the due dates for quarterly superannuation payments. But did you know that your employee's superannuation contribution is considered 'paid' on the date it's received by the super fund - Not the date it's received by…
Self-Managed Super Funds (SMSF)
A Self-Managed Super Fund (SMSF) is exactly what the name says – a super fund you manage yourself. The funds you would normally put in a retail or industry fund you put into your own SMSF and then you choose…
Accessing your Super
Getting Your Superannuation You can get your super when you retire and reach your 'preservation age' — between 55 and 60, depending on when you were born. There are special circumstances where you can access your super early. When you…
Superannuation Guarantee, Concessional Contributions Cap and Salary Sacrificing – Time to Review
From 1 July 2021, the superannuation guarantee charge rate (SGC) that employers are required to contribute to employees’ superannuation has increased from 9.5% to 10%. These contributions form part of your concessional contributions cap. Since 1 January 2020, salary sacrificed…
Superannuation Contributions – Carry Forward Concessional Contributions
If you do not use the full amount of the general concessional contributions cap in a financial year (starting from 2018-19), you have an unused concessional contributions cap amount for that year. These unused cap amounts can be used in…
Super Choice Rules Are Changing
From 1 November 2021, employers will need to undertake an extra step while onboarding new employees to comply with the choice of superannuation fund rules. Penalties may apply if the choice requirements are not met. Under current rules, when onboarding…
Downsizer Super Contributions
Once your kids have flown the nest, you may find yourself wanting to downsize by selling the family home. Downsizer superannuation contributions was a measure introduced since 1 July 2018 to allow people to use the proceeds from the sale…
Superannuation Strategies before 30 June 2021
Tax deductible super contributions The concessional contribution cap for the 2020/21 financial year is $25,000 across all your superannuation accounts (if you have more than one superfund). If you contribute more than this, you may need to pay extra tax. Contributing into…
