Search results for: “Super Contributions”
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Maximize Super Contributions with Spouse Offset and Co-contribution Strategies
A superannuation specialist emphasized the importance of documenting spouse contributions correctly to activate eligibility for offsets in self-managed super funds. Jason Hurst, a technical adviser, highlighted in a webinar the significance of spouse contributions being considered non-concessional for the receiving spouse, subject to caps and total super balance rules specific to the recipient. A PRACTICAL…
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Maximize Super Contributions with Strategic Planning Before June 30
As June 30 approaches, it’s crucial to review your superannuation contributions to maximize available caps and benefits. Contribution caps are generally “use it or lose it,” making it essential to seek advice on strategies to build your super balance efficiently. The concessional contribution cap and timing of contributions play a significant role in optimizing your…
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Maximizing Super Contributions: Expert Tips for Salary Sacrifice Strategy
Boosting superannuation contributions through salary sacrifice requires careful consideration, especially with the recent changes in concessional contribution caps. Tim Sanderson, a senior technical manager, highlights the importance of assessing various technical aspects that could impact individuals with higher balances. He emphasizes the need to account for additional contributions that count towards the concessional cap, such…
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What are the benefits of employer-matching super contributions?
Employer-matching super contributions are a valuable benefit that many companies offer to their employees. This type of contribution involves the employer matching a certain percentage of the employee’s own contributions to their super fund. While not all companies provide this perk, those that do can greatly enhance their employees’ retirement savings. In this article, we…
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Maximize Retirement Savings with Strategic Superannuation Contributions
An individual approaching retirement age with a substantial inheritance may consider boosting their superannuation savings for a more secure financial future. With a current annual income of $120,000 and potential employer contributions totaling $13,800, there is room to maximize superannuation contributions within the set limits. Helect Calculator, Standard Function Desktop Calculator (Black) | $14.99 For…
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Australian Superannuation Contributions Surge, Reaching $55.7 Billion
Australians have been actively investing in their superannuation funds, with a significant increase seen in voluntary personal contributions over the past year. According to the Australian Prudential Regulation Authority (APRA), there was a notable surge in member contributions, driven by higher personal contributions made by individual workers from their after-tax income. This growth in personal…
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How to maximize superannuation contributions if you’re self-employed
Being self-employed comes with a lot of perks, but it also means taking on the responsibility of managing your own superannuation contributions. Superannuation is crucial for ensuring a comfortable retirement, and as a self-employed individual, it’s important to take advantage of all the opportunities available to maximize your contributions. In this article, we will explore…
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How does casual employment affect superannuation contributions?
Superannuation is a crucial aspect of financial planning for all working individuals in Australia. It is a retirement savings fund that employers are required to contribute to on behalf of their employees. However, when it comes to casual employment, there are some unique considerations to keep in mind regarding superannuation contributions. The Impact of Casual…
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Government Superannuation Contributions
Government superannuation contributions play a crucial role in ensuring the financial security of individuals during their retirement years. Superannuation, also known as super, is a long-term savings plan designed to provide income in retirement. In many countries, including Australia, the government encourages its citizens to save for retirement by offering various incentives and contributions to…
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What are the implications of salary sacrifice arrangements for superannuation contributions?
Salary sacrifice arrangements can be a powerful tool for Australians looking to grow their retirement savings. But how exactly do they impact your superannuation contributions? Let’s dive into the benefits and considerations of this strategy. The Tax Advantage The key benefit of salary sacrifice is the tax break it offers. By agreeing to receive a…