Search results for: “Superannuation”
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Mastering Superannuation Rules for Retirement Success in Your 60s
Understanding superannuation rules is crucial as you approach your 60s. These rules dictate how much you can contribute, when you can access your funds, and the tax implications. The aim is to ensure your super is utilized for retirement income, leveraging Australia’s super system benefits. A PRACTICAL GUIDE TO AUSTRALIAN SUPERANNUATION: A Plain-English Guide to…
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New Superannuation Rules Empower Retirees for Enhanced Savings
Superannuation rules can often be complex and subject to change, leading to confusion and frustration among fund members. However, some alterations can present new opportunities for individuals, particularly older Australians, to enhance their super savings. In 2022, significant changes were implemented, including the removal of the work test for non-concessional contributions for individuals aged between…
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Maximize Superannuation Funds: Essential End-of-Year Checklist
As the financial year draws to a close, it’s time to get your superannuation funds in order and maximize available strategies. Here’s a checklist of essential tasks to address with your advisers before June 30. A PRACTICAL GUIDE TO AUSTRALIAN SUPERANNUATION: A Plain-English Guide to Maximising Your Contributions, Planning for Retir… | $15.39 Firstly, timing…
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CPA Australia Advises Workers on Superannuation Guarantee Increase Impact
As the superannuation guarantee (SG) increase approaches on July 1, CPA Australia is advising workers to assess how this change will affect their finances and retirement savings. The rise from 11.5% to 12% in the minimum contribution by employers to their employees’ superannuation funds is expected to have a significant impact. Helect Calculator, Standard Function…
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Superannuation Industry Evolution: Navigating Future Growth and Challenges
The Australian superannuation industry is at a critical juncture, facing a tipping-point challenge as the balance between contributions and withdrawals shifts. With Australians contributing substantial amounts to superannuation annually, the system is experiencing a significant evolution. Experts predict that by 2062, outflows will surpass inflows, marking a pivotal moment for the industry. This transformation underscores…
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Australian Superannuation Funds Face Cyber Attacks, Funds Compromised
Several Australian superannuation funds fell victim to cyber attacks, resulting in the theft of substantial amounts of money from members. Among the targeted providers were Hostplus, Rest, AustralianSuper, and Australian Retirement Trust. The breaches, which were detected following a surge in online security threats in Australia, highlighted significant vulnerabilities in the superannuation sector. Pacify 3…
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Superannuation Sector Braces for Division 296 Tax Compliance Overhaul
The landscape of superannuation compliance is on the cusp of significant change with the impending introduction of Division 296 tax regulations. These changes, aimed at taxing unrealized gains within SMSFs, are expected to have a profound impact on the compliance environment, particularly concerning the reporting and valuation of fund assets. While the legislation is pending,…
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Draft Payday Super Legislation Revolutionizes Superannuation Compliance for Employers
The long-awaited draft Payday Super legislation has been released by the Treasury, marking a significant reform in the superannuation sector. The legislation, set for potential commencement in July 2026, aims to reshape the Superannuation Guarantee framework, emphasizing the timely receipt of contributions by employees’ super funds within seven days of salary payment. 101 Ways to…
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Australia’s Superannuation System Enhances Retirement Savings with Rate Increase
Australia’s superannuation system is evolving with the final planned increase in the super guarantee rate from 11.5% to 12%. This adjustment signifies a crucial step in enhancing retirement savings for future generations, as employers will contribute a higher percentage of payroll to superannuation. The impact of this change is expected to be significant in the…
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Debate Over Superannuation Tax Reforms and Division 296 Proposal
The debate surrounding tax concessions on superannuation has reignited with the government’s proposal for an additional tax on earnings over A$3 million. However, the discussion often lacks clarity and depth, overshadowing the crucial reforms needed in the super tax system. Helect Calculator, Standard Function Desktop Calculator (Black) | $14.99 Going back to 2009, the Henry…