Oct 2, 2023 | Blog, Contributing to Super, SMSF, Superannuation, Superannuation Tax
Can I put redundancy into super? This is a good question and important to understand. Making contributions to superannuation can provide you with tax concessions and may result in you effectively paying less tax on your redundancy payment. Rolling a redundancy payment...
Sep 10, 2023 | Accessing Superannuation, Blog, Contributing to Super, Retirement Income Streams, Superannuation
Wondering what happens to your super when you stop working? Superannuation is a vehicle designed to help you save towards retirement and cover expenses when you decide to stop working. You might associate superannuation with the place that your employer makes...
Sep 9, 2023 | Blog, Contributing to Super, Superannuation
You may have come across the term SGC Fund Details Pending on your payslip, payment summary or other salary/ wage document. As an employee, your employer is required to make mandatory superannuation guarantee (SG) payments into your superannuation fund. The amount of...
Sep 8, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation, Superannuation Tax
There are a few disadvantages associated with Transition to Retirement income streams that one should be aware of prior to implementing such a strategy. A superannuation Transition to Retirement (TTR) income stream pension is commenced using some or all of your...
Sep 5, 2023 | Blog, Featured, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
The superannuation Tax Free component (aka tax-exempt component) is made up of all after-tax contributions made to superannuation (i.e. Non-Concessional Contributions). A superannuation balance will consist of two main tax components: the Tax Free component and the...
Sep 1, 2023 | Accessing Superannuation, Blog, Contributing to Super, SMSF, Superannuation
Can I use my superannuation to buy a house to live in? This is question asked by many Australians time and time again. We’re often told that superannuation is our money, so we should be able to use it how we please, shouldn’t we? Housing affordability in...
Aug 30, 2023 | Blog, Contributing to Super, SMSF, Superannuation, Superannuation Tax
Accumulation phase tax relates to the tax rate levied on earnings and contributions made to a superannuation accumulation account. Accumulation phase tax is paid by the super fund itself and effectively deducted from the relevant member’s balance. The tax rate...
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...
Mar 10, 2023 | Blog, Contributing to Super, Super Fees, Superannuation
It is important to understand the superannuation fees both when you are working and when you are not working. The range of fees between all of the superannuation funds available in Australia is staggering. It is possible you are paying high fees within your super fund...