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Establishing Whether Gainful Employment Has Ceased

Establishing whether gainful employment has ceased is very important in superannuation retirement rules and determining whether superannuation can be accessed. This determination is particularly important for the definitions of ‘retirement’ for superannuation condition of release purposes. The term ‘retirement’ is defined by regulation 6.01, subregulation (7) of the Superannuation Industry…

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SGC Cap 2017

The SGC Cap generally refers to the maximum superannuation contribution base. The SGC cap threshold for the 2017 / 2018 year is based on the quarterly earnings of an employee. An employer is only required to make mandatory superannuation guarantee contributions (SGC) up to a certain level. An employer is permitted…

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Non Lapsing Binding Death Benefit Nomination

A Non Lapsing Binding Death Benefit Nomination is a death benefit nomination made to the trustee of your superannuation account that does not have an expiry date. Traditionally, Binding Death Benefit Nominations had an expiry of 3 years. This would mean that you would need to update the nomination in…

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Average Retirement Age Australia 2017

The average retirement age in Australia in 2017 is difficult to determine. The reason it is difficult to determine is because the definition of retirement has evolved over the past decade or so. How do you define the term retirement? There is actually a definition of retirement for superannuation condition…

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Maximum Superannuation Contribution Base 2017/2018

The maximum superannuation contribution base for the 2017/2018 year is $52,760 per quarter. This represents the maximum amount than an employer is required to pay quarterly superannuation guarantee (SG) contributions on. Employers are not required to pay the superannuation guarantee levy on quarterly incomes that exceed the maximum superannuation contribution base. The…

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Defined Benefit Income Stream Schedule For Centrelink Assessment Purposes

The defined benefit income stream schedule for Centrelink assessment purposes is determined by the tax free component of the income stream. Unlike other types of retirement income streams, a defined benefit pension does not use a formula to calculate the deductible amount of the income stream. In fact, even account based pensions don’t…

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Access To Superannuation After Age 60

There are three ways to gain access to superannuation after age 60. One such way will only provide limited access. The other two ways will provide full access. In every case, an individual is required to meet a superannuation condition of release in order to access their superannuation savings. Attaining age 60…

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