Posted in Superannuation
Posted by G. Dean McKinnon
on 1 April 2022
Presently, if you are aged between 67 and 74 you are required to satisfy the 'work test' before making certain superannuation contributions. But from 1 July, 2022 the laws have changed and under certain circumstances you will be able to make some types of superannuation contributions without having to satisfy the 'work test'.
To meet the 'work test', depending on your age, the person must be gainfully employed for at least 40 hours during a consecutive 30-day pe...
Posted by G. Dean McKinnon
on 31 March 2022
Self Managed Super Fund (SMSF) laws have recently been amended to increase the maximum number of members in the fund.
A SMSF can now have up to 6 members. Previously, the laws only allowed a SMSF to have up to 4 members, which was sometimes limiting for larger families that had more than 2 children. The laws do not restrict members of a SMSF to immediate family, which may be convenient for persons wanting to pool their assets for retirement and have a higher level ...
Posted by G. Dean McKinnon
on 23 March 2022
The federal government provides up to $27,500 tax deduction for contributions made to your super each year, but this also includes your employer-sponsored superannuation contributions which is about 10% of your gross income.
To ensure you maximise your tax-deductible contribution for the 2022 FY make sure that the contribution is completed and cleared funds are in the superannuation account before 30 June, 2022. It is recommended that the contributions being made are completed and paid...
Posted by G. Dean McKinnon
on 22 March 2022
For many young Australians it is difficult to meet the increasing costs of living and also save for a deposit to purchase their first home. The Federal government at least now is beginning to understand this issue and a recent parliamentary enquiry has made some interesting recommendations to help first home buyers with their deposit.
One of the key recommendations from the committee was to allow first home buyers to use their Superannuation investment as security for the first ho...
Posted by G. Dean McKinnon
on 21 March 2022
An additional 15% Contributions Tax is payable on Concessional Super Contributions where the Division 293 Threshold has been exceeded. This means instead of paying 15% Contributions Tax on your Concessional Super Contributions, you will pay 30%.
The current Division 293 Threshold is $250,000.
Included as "assessable income" in the Division 293 Threshold includes various types of income but the primary income types are your gross wages and the Concessional Super Contribution....