A number of superannuation changes takes effect from 1 July 2019. What are they and how might this affect you? Read below to find out. Carry-forward concessional contributions The 2018-19 concessional contributions were capped at $25,000. If you didn’t use all $25,000, you are now able to ‘carry-forward’ the unused concessional contribution amount into your […]
What are the minimum pension payment rules?
Once you reach preservation age, you can start to withdraw your super as an income stream, a lump sum or both. These amounts are tax-free provided you take the minimum pension payment. Why is there a minimum pension payment instead of letting you take what you want? Well, it falls down to the Sole Purpose […]
What is the Double Contribution Strategy?
If you have ever wanted to contribute more money to your Self-Managed Super Fund, the Double Contribution Strategy might be for you. It is a way by which you can effectively double your level of tax-deductible superannuation contributions without exceeding the superannuation contribution caps. So what is the double contribution strategy? Background If you or […]
What is a Super Co-Contribution?
Super co-contributions are an initiative by the government to encourage low or middle-income earners to put money into their retirement savings. Basically it works like this: if you earn below a certain amount and you make a personal contribution to your super fund, the government will also make a co-contribution to your super fund. Yes, […]
EOFY: Prepaying Expenses
A strategy to consider before the end of the financial year is pre-paying expenses such as investment loan interest or investment management (financial advice) fees. Doing this might help increase your immediate tax deductions which will bring down your tax bill. Financial Advice Fees Generally, fees that related to producing taxable income are tax deductible. […]