Posts tagged Superannuation

should I salary sacrifice?

Should I salary sacrifice?

0
May 17, 2012
in , ,
Generally, there are two reasons why you may want to salary sacrifice. The first is to boost your super for retirement. The second is to reduce tax on your salary. If your primary reason is to boost your super for retirement then making contributions yourself via salary sacrifice is a [...]
higher tax on super contributions

New superannuation rules for high income earners

0
May 13, 2012
in
As Benjamin Franklin once said “nothing is certain except death and taxes.” In the May 2012 budget the Federal Government announced higher superannuation taxes for those earning more than $300,000 p.a. From 1st July 2012, if you earn more than $300,000 p.a. you will pay 30% tax on pre-tax [...]
salary sacrice trap

Beware the salary sacrifice trap

1
May 9, 2012
in ,
The Federal Government announced numerous proposals in the budget presented on 8th May 2012. One of these was the deferral of allowing individuals with superannuation balances under $500,000 to contribute more than $25,000 into super until 1st July 2014. In the 2010 budget they announced [...]
Not good for baby boomers

Bad news for retiring Baby Boomers

0
May 9, 2012
in , ,
The Federal Government last night announced a deferral of the pre-tax contribution cap limit until 2014/2015. This is bad news for anyone trying to boost their super over the next 2 years through salary sacrifice arrangements or for self employed people looking to make deductible [...]
Reincarnation of super surcharge

Govt accused of reincarnating superannuation surcharge

0
May 1, 2012
in
The Federal Government has been warned that any move in the Federal Budget to increase the superannuation contributions tax on high income earners will simply represent a reincarnation of the superannuation surcharge. The Small Independent Superannuation Funds Association (SISFA) has made the [...]
Budget cuts to super

Budget set to deliver super-sized tax bill for superannuation savers

0
April 28, 2012
in
THE Budget looks set to add $1 billion to the tax bill of the richest superannuation savers by putting an end to the 15 per cent flat tax on contributions. And the Government will challenge the Opposition to reject this means-testing measure which will affect only the top income earners. All [...]
Going it alone with a SMSF

Success in going it alone

0
April 25, 2012
in , ,
In an era when superannuation returns have been disappointing, John Collett examines the pros and cons of taking charge of your own fund. Savvy baby boomers are increasingly asking themselves whether or not to start a DIY superannuation fund. Woeful returns from providers and high fees are [...]
hands off pensions

Govt must rule out super tax concession cuts

0
April 23, 2012
in
Four industry bodies unite to reject the budget plan. Industry bodies have united to oppose a leaked plan to reduce tax breaks on super contributions. The government risks undermining confidence in its superannuation reforms and leaving Australians poorer in retirement if it reduces tax [...]
SMSFs lead the way

DIY super funds show experts how it’s done

0
April 21, 2012
in ,
Many people would be surprised to learn that the biggest sector in Australia’s superannuation industry isn’t industry funds or the big retail funds that dominate the headlines. Nor is it government or employer funds. Yes, 99 per cent of super funds and almost one-third of super assets are in [...]
confusing jargon with superannuation

Terminal terminology

0
April 18, 2012
in ,
Most Australians think jargon renders super baffling and boring, so let’s rephrase that. Are you in breach of your concessional contributions cap because you didn’t factor in the super guarantee before you made salary-sacrifice contributions, thus incurring excess contributions tax? Or did I [...]
retirees opting for self managed super

Retirees increasingly opt for self managed funds

0
April 17, 2012
in , ,
Statistics from the Australian Taxation Office (ATO) suggest that a growing number of retirees are moving their life pension savings into self-managed superannuation funds (SMSFs), with about 30 per cent of SMSFs starting pension payments in 2010 being less than two years old, according to a [...]
business women have inadequate super

Businesswomen have inadequate superannuation, survey finds

0
April 12, 2012
in ,
THOUSANDS of young businesswomen are facing poverty in old age, with less than half contributing to superannuation, research shows.  Many Australian female business owners will outlive their savings and be unable to sustain current lifestyles in retirement, according to a survey conducted by [...]
baby boomers not stressed about super

Superannuation and retirement not keeping boomers awake at night

0
April 10, 2012
in ,
Australian baby boomers are less concerned about superannuation than expected considering many are fast approaching retirement, said Sunsuper’s general manager, customer experience Teifi Whatley. Home ownership aspirations have taken a backseat to Australians’ dreams of financial [...]
Super or the house?

Don’t skewer super for a house

0
April 3, 2012
in ,
BUYING that first home is never easy, and ideas to help young people get ahead are floated continually. The latest one is changing the rules to allow young people to use their superannuation as house deposit. Apart from driving up house prices the plan has two other major faults – it ignores [...]
age pension versus super

The age pension was fairer than super

0
April 1, 2012
in ,
Labor has the politics of superannuation badly wrong. Its core constituency would be much better off without it. So would the economy. But Labor has long promoted super as ‘gift’ to ordinary workers that it compels employers to provide. Recently, however, the superannuation minister Bill [...]
June 30 deadline for ETP payments

Superannuation and eligible termination payment (ETP) benefits ending on June 30

0
March 31, 2012
in
QUESTION: I heard there are superannuation and eligible termination payment (ETP) benefits ending on June 30. What are they and what should I be considering? ANSWER: With June 30 just 13 weeks away, you should consider taking advantage of opportunities that will no longer be available [...]
Super funds regain 2011 losses

Super funds regain 2011 losses, and then some.

0
March 30, 2012
in
The median growth superannuation fund returned 4.3 per cent in the first two months of 2012 – more than recouping the losses suffered in 2011, according to Morningstar. The gains in the beginning of 2012 reflect the strength of growth assets so far this year, with the ASX 300 Accumulation [...]
Super to cost more

Super will cost billions more

0
March 28, 2012
in
SUPERANNUATION is, like Medicare, one of the Labor reforms that has stuck. There is widespread support for tax breaks to encourage people to provide for themselves in retirement, reducing their dependence on the public pension. There is little public resentment of the compulsory element of [...]
Explaining superannuation

Explaining superannuation

0
March 26, 2012
in , ,
The biggest criticism of superannuation is that super will not provide people currently working with enough money to retire on. One of the stats that always impresses me is that it was only on the 1st of July 2002 that the employer contribution rate increased to 9% – it is less than 10 years [...]
What is superannuation?

What is Superannuation?

0
February 23, 2012
in ,
In Australia superannuation (super) is a retirement program covered by government legislation. It is designed to provide and encourage individuals to build a nest egg they can draw on in retirement.
Go to Top