Posted in Superannuation

Super Changes You Should Know About (Without the Jargon) Recent government changes to Australia’s superannuation system are designed to make things “fairer”—but what does that actually mean for you? Let’s break it down in simple terms. 1. Higher Taxes on Very Large Super Balances One of the biggest changes targets people with very high super balances (over $3 million). From 1 July 2026: Earnings on super balances above $3 million will be taxed more hea...

The federal 2024 budget confirmed superannuation will be paid on government-funded Paid Parental Leave (PPL) payments: The contribution will be 12% of the payment The contribution will be paid on payments after 1 July 2025 From 1 July 2026, the maximum PPL will be 130 days (26 weeks) Recipients must satisfy eligibility criteria If you need help with understanding the PPL, please don't hesitate to get in touch with us and arrange your free initial consultation ...

The employer superannuation contribution rate increases from 1 July 2024 to 11.50% The 2024 FY rate was 11.00% The contribution rate is calculated on an employee's Ordinary Time Earnings (basically all earned income and allowances but not Overtime) The contribution is payable on income up to the Maximum Super Contribution Base - ~$249,000 annually in the 2024 FY If you need assistance with your employer super contribution (employee or employer) contact us - your initial c...

The end of the 2024 Financial Year is fast approaching and if you want to make contributions to your super, you need to make sure you have a strategy, and the contributions are finalised prior to 30 June 2024. There are restrictions related to superannuation contributions. Exceeding superannuation contribution limits may have significant tax implications. In addition to your Employer SG Contributions, you may be eligible for contributing personally to your superannuation and boost your r...

Superannuation concessional and non-concessional contribution limits will be increased from 1 July, 2024 (i.e., the 2025 FY) Superannuation investments generally incur a lower rate of tax when compared to non-superannuation investments Accumulating savings in superannuation is a tax-effective strategy for retirement planning Contributions to superannuation are limited and exceeding the limits will have tax consequences Concessional Contributions (CC) to superannuation may be claime...