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The biggest assets growth areas for SMSFs
December 2, 2024Superannuation
What five years’ worth of SMSF asset allocation data reveals. The Australian Tax Office (ATO) releases quarterly data showing where self-managed superannuation funds (SMSFs) are parking the retirement savings that they have invested within the super system. The data for the three months ended June 30, 2024, which was released in September, shows there were...Read More
Super contributions
November 18, 2024Superannuation
If you’re employed, your employer should be paying a percentage of your earnings into your super account. It’s worth checking to make sure you’re being paid the right amount. If you can afford it, making extra contributions is a great way to boost your retirement savings. And it can reduce your tax. If you’re on...Read More
The lost super pile keeps growing
November 4, 2024Superannuation
There’s almost $18 billion of unclaimed superannuation. Here’s how to find it. When it comes to accumulated retirement savings, many Australians have a strong fear of running out of money before they die. Vanguard’s 2024 How Australia Retires research released in June found that almost one in two Australians do not know whether their money...Read More
Overview Money you transfer from a foreign super fund to a complying Australian super fund may: count towards you super contributions caps, and be subject to additional tax if you exceed the caps be subject to Australian income tax be subject to rules and tax in the foreign country. Certain conditions must be met before...Read More
Super lump sum
October 14, 2024Superannuation
You may be able to take your superannuation as a lump sum payment when you retire. This is usually tax-free from age 60. How a superannuation lump sum works Depending on your fund’s rules, you may be able to withdraw some or all of your superannuation (super) as a lump sum. If so, you can...Read More
The pros and cons of taking the DIY super route
September 30, 2024Superannuation
Having your own super fund provides more control, but they’re not for everyone. The number of Australians choosing to manage their own superannuation investments – both before and during retirement – has been progressively increasing over time. Current data from the Australian Tax Office (ATO) shows around 1.15 million people are now members of self-managed...Read More
Salary sacrificing into super – how it works
August 20, 2024Superannuation
Salary sacrificing into super involves reducing your take-home pay to put more money away for your retirement. Salary sacrificing into super is where you choose to have some of your before-tax income paid into your super account by your employer. This is on top of what your employer might pay you under the super guarantee,...Read More
If you’ve had interrupted income, or just haven’t been in a position to put as much into super as you’d like, catch-up concessional contributions may provide an opportunity to top up at a more convenient time. You won’t always be in a position to put money into your super. You might be taking time off...Read More
The rules around making some types of super contributions have been relaxed in recent years, so it’s worth exploring the different opportunities available to you before making a large contribution.i What are contribution caps? Given the tax-effective environment of Australia’s super system, there are annual limits on how much you can contribute each financial year....Read More
The super changes the start of the 2024-25 financial year. A number of superannuation changes came into effect from 1 July 2024 and are designed to help working Australians get more money into the retirement savings system. If fully utilised, the changes potentially allow all super fund members, including those with a self managed super...Read More