By making personal contributions to your super, you may be able to claim a tax deduction to reduce your tax liability which may allow you to pay less tax and invest more in super. If you have not fully used your concessional contribution cap in previous years, now might be the time to make a larger personal deductible super contribution.
Super rules can affect couples differently to single people. And being part of a couple can have a big impact on your retirement savings goals too. Here are five things to understand about your super as a couple.
The current rate of compulsory Superannuation Guarantee (SG) is due to increase to 10% in July 2021. It has been frozen at 9.5% since July 2014 and there have been many arguments for and against increasing SG contributions from the current rate of 9.5% to 12%.
Our team is available to assist you to capitalise on any of the Budget measures or minimise your risk. As always, the detail is important so please let us know if we can assist. We’ll keep you up to date as the detail of these measures comes to hand.
Superannuation is a very tax-effective vehicle to save for retirement. We outline some tips to help you maximise your super.
Find out if you’re entitled to the following tax offsets (rebates) and deductions for the year ended 30 June 2019.
Read why this year’s Federal Budget is an ‘election budget’ with future tax cuts for all Australians, especially low and middle income earners. Overall, there were minimal changes to super proposed in the Budget, with minor changes to super contributions for older Australians.
How to help ensure your superannuation contributions don’t exceed the caps Changes in the superannuation contribution caps, which kicked-in last year, give an added reason to keep a close eye on your contributions. From 1 July 2017, the concessional contributions cap was reset to $25,000… Read More >>
Claiming personal super contributions deductions The removal of the 10% maximum earnings condition means more people may be eligible to claim a personal super contributions deduction this tax time. OBT can help you to understand if you are eligible and let you know if you need to:… Read More >>
How will the First Home Super Saver Scheme work for SMSFs? For those interested in purchasing their first home, the First Home Super Saver (‘FHSS’) Scheme may be an option worth exploring. There are four broad steps that need to be taken if a member… Read More >>