Jun 12, 2023 | Blog, Contributing to Super, Featured, Superannuation, Superannuation Tax
The excess Concessional Contribution Charge (ECCC) is an additional tax payable by an individual resulting from the fact that they will be paying income tax later than when it would have been ordinarily due. Let’s rewind. When a person earns income, they are...
May 25, 2023 | Blog, Contributing to Super, Superannuation, Superannuation Tax
Tax on Superannuation Contributions are determined by the type of contribution being made. The two type of superannuation contributions are ‘Non Concessional’ contributions and ‘Concessional’ contributions. A Non Concessional contribution is a...
Feb 17, 2023 | Accessing Superannuation, Blog, Centrelink, Retirement Income Streams, Superannuation, Superannuation Tax
The best time to retire for tax purposes in Australia is largely determined by superannuation rules. In saying that, the level of retirement income you need will also be a consideration. This article will assume that you have adequate funds to retire and are simply...
Feb 6, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation, Superannuation Tax
You can access your superannuation at 55 if you have reached your superannuation preservation age. You will have limited access to your savings if you are still working, but may have full access to your super in the form of an income stream or lump sum if you have...
Jul 4, 2022 | Accessing Superannuation, Blog, Centrelink, Contributing to Super, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
Leaving super in accumulation phase is an option if you are retired or nearing retirement. There are a number of reasons why you may choose to leave funds in accumulation phase. Once you retire, you are not obligated to withdraw your super or commence an income...
Jul 6, 2021 | Blog, Contributing to Super, Superannuation, Superannuation Tax
There are a number of risks and disadvantages of salary sacrificing into superannuation. Understanding the disadvantages of salary sacrifice is important before using this strategy to save towards retirement. The risks and disadvantages associated with a salary...
Jan 17, 2021 | Blog, Contributing to Super, Superannuation, Superannuation Tax
There are a number of advantages and disadvantages of non-concessional contributions. These benefits and downsides of non-concessional contributions need to be considered prior to making any contributions to superannuation. There are two types of contributions that...
Dec 1, 2020 | Blog, Contributing to Super, Featured, Superannuation, Superannuation Tax
Contributions made to superannuation where a tax deduction has been claimed incur superannuation contributions tax. Contributions where a tax deduction has been claimed are referred to as Concessional Contributions. The types of contributions that are assessed as...
Sep 8, 2020 | Accessing Superannuation, Blog, Featured, Retirement Income Streams, Superannuation, Superannuation Tax
What is the taxable component in superannuation? There are two main tax components that make up a superannuation balance. These components are the Taxable Component and the Tax-Free Component (sometimes referred to as the Exempt Component). The Taxable Component is...
Jul 28, 2020 | Blog, Contributing to Super, Featured, Superannuation, Superannuation Tax
Comparing Concessional and Non Concessional contributions. This article discusses the difference between Concessional and Non-Concessional contributions, including what are Concessional and Non-Concessional contributions. There are only two types of contributions that...