Super Changes – As the new financial year approaches, there are changes to who is eligible for super and how much you need to pay. From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is […]
A self managed super fund(SMSF) is a superannuation trust structure that provides benefits to its members upon retirement. The main difference between SMSFs and other super funds is that SMSF members are also the trustees of the fund. The difference between an SMSF and other types of funds is that the members of an SMSF […]
If your financial situation has been impacted as a result of COVID-19, you may be able to access some of your super early. You don’t need to call the ATO. You can register your interest now via myGov and the Tax Office will be in contact once applications open on 20 April. To check if […]
In recent weeks the Government has made several announcements in relation to superannuation in response to the COVID-19 impact on Australians. Temporary early access to super While superannuation helps people save for retirement, the Government recognises that for those significantly financially affected by COVID-19, accessing some of their superannuation today may outweigh the benefits of […]
On 22 March 2020 the federal government announced that the minimum pension drawdown rates would be temporarily halved for the 2019/20 and 2020/21 financial years. This is due to many retirees losing a significant portion of their super account balance as sharemarkets have plunged due to the coronavirus crisis. This rule change assists retirees who […]
SMSFs are often criticised for holding too much cash in portfolios when compared with other superannuation funds or with managed funds that provide very little of their asset allocation to cash. Is this a fair criticism or are SMSFs and personal investment portfolios different from large superannuation funds? Let’s start with some numbers that relate […]
