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?
Last Updated 24 June 2020 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 […]
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 […]
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. […]
Changes to insurance in super from 1 July 2019
You might have received a letter recently about changes to insurance in a super account you have forgotten entirely about. All super funds are required to send you a notice due to changes to insurance in super from 1 July 2019. Nearly all superannuation accounts have life insurance by default. Life insurance costs money […]