Superannuation was not a source of significant surprises in this year’s Federal Budget, as many of the changes announced had already been previously discussed. However, these changes are still important to consider when planning your superannuation strategies for the next financial year. $3 Million Super Balances & Tax As announced in March 2023, extra tax…
If you’re a trustee of a self-managed super fund, some reasons or circumstances could have emerged that may result in you wanting to get out of that fund. These may be personal circumstances (such as a divorce or another trustee dying), financial reasons (investments not performing as they should or you aren’t taking a pension…
A relationship breakdown can be a messy, frustrating time fraught with plenty of paperwork. Did you know that your or your partner’s super could be affected? If you were to split up with your current partner, you may be able to file a legal claim for up to half your superannuation (under certain circumstances). In…
You’re likely aware that people can put money into their super until they reach 67 years and probably already do so yourself. But did you know you can put money into your underage children’s superannuation for them if they are under 18? Superannuation For Minors Some superannuation fund providers can have special accounts that can…
Last week, the government announced a change to superannuation, introducing a new tax that will apply to member balances above $3 million. From July 1, 2025, super earnings over $3 million will be taxed at 30 per cent, double the current rate of 15 per cent. According to the government, this change aims to ensure…
No matter the kind of super fund you opt for, or how it has been performing, you will be subject to super fees. Understanding how these fees work and the difference they can make to your nest egg is vital. When it comes to super fund fees, there are two factors you need to get…
Accessing your superannuation early is a short-term strategy Australians facing financial troubles can use to buy temporary financial protection. However, there are limited circumstances when individuals can access their super savings early, and in most cases, individuals cannot withdraw their superannuation until they reach their preservation age and retire. To access super early, Australians must…
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…
Disasters, be they natural or man-made, can happen to anyone. It could be a car accident, a tree crashing through the roof, or a bushfire hitting your residence. In any case, an event that causes significant harm or impact that affects someone’s everyday life in an adverse way is never pleasant. Thankfully, in Australian society,…
Downsizing during retirement can help you reduce costs and put some more money in your pocket so that you feel more secure about your finances during retirement. Downsizing by selling your property has advantages and disadvantages, which you should evaluate before making this decision. Advantages Increased cash flow: Downsizing should reduce your mortgage payments and…