Posted in Superannuation
Posted by G. Dean McKinnon
on 18 March 2022
The ATO is recently published superannuation rates and thresholds for the 2023 FY.
Some of the key points are as follows:
Superannuation co-contribution entitlement remains at $500 but the lower income threshold increases to $42,016 and a higher income threshold increases to $57,016
Concessional Super Contribution Cap limit will remain at $27,500
Non-Concessional Super Contributions Cap limit will also remain at $110,000
As with most things to do with superannuation, there are ma...
Posted by G. Dean McKinnon
on 15 March 2022
At the beginning of the pandemic, many of us were unsure if we were going to need the early release super amounts that were being offered by the government, but after the dust settled it became apparent for a large number of 'early-releasers' that the money would not be needed and now find themselves in a position of trying to get the money back into super. However, super contribution rules are complex and need to be considered before transferring the early release amounts back ...
Posted by G. Dean McKinnon
on 9 March 2022
From 1 July, 2022 employers will need to pay super for employees who earn less then $450 per month, which was not previously payable.
Employers need to contribute to the employee's super 10% of the employees gross income each financial year quarter. The whole process can be complicated, so if you are unsure as to your obligations, the ATO has provided some guidance and an Employer Obligation Checklist.
McKinnon Financial Planning's Total Service Clients that utilise our bookke...
Posted by G. Dean McKinnon
on 3 March 2022
There are several ways in which to access your super legally but if you access your super illegally there are significant penalties that apply.
Super investments are intended to assist with funding your retirement income needs. However, depending on the circumstances, you may be able to access your super before you retire – such as permanent disability or severe financial hardship.
It is unusual to be able to gain early access to your super if you are not retired, permanently di...
Posted by G. Dean McKinnon
on 28 February 2022
It is increasingly difficult to save enough money for your first home purchase but there are some ways the government can help, such as First Home Super Saver ('FHSS') scheme.
The FHSS scheme allows you to save for your deposit within your superannuation investment account. There are several key benefits to using your super as the saving structure but the ability to withdraw personal Concessional Contributions may provide a significant tax planning advantage.
Personal Concessi...