Author: Recruitment Super
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Superannuation Fund Pensions: Essential End-of-Year Compliance Tips
As the end of the financial year approaches, Superannuation fund trustees and retirees are advised to conduct a thorough review of their pensions to ensure compliance with tax regulations and avoid potential pitfalls. One crucial aspect to consider is meeting the minimum pension payments required by 30 June. The minimum percentage varies based on the…
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Expert Tips for Optimizing Superannuation Strategy Before EOFY
As the end of the financial year approaches, it’s essential to review your superannuation strategy. Linda Elkins, head of asset and wealth management at KPMG, advises those in the accumulation phase to consider increasing contributions. Utilize online tools provided by super funds to determine the optimal contribution amount for your retirement goals. RESET: How to…
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Paul Keating’s 12% Superannuation Vision Transforms Australia’s Retirement
Paul Keating’s vision for superannuation in Australia, proposed 34 years ago, is finally coming to fruition. The 12 per cent superannuation guarantee, set to benefit millions of workers, is a testament to Keating’s foresight and legacy. Keating, a key figure in the development of Australia’s retirement savings system, has described superannuation as a unifying force…
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Controversy Surrounds Labor’s Superannuation Tax Policy Impacting High Earners
Labor’s superannuation policy has sparked controversy due to proposed changes in taxing superannuation earnings, particularly affecting balances exceeding $3 million. This policy, although not new, has stirred debate within the community. But why the uproar now? Educators Exit Plan: A practical Guide to your Retirement from Teaching | $33.41 In Australia, superannuation, or super, mandates…
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Federal Tax Bill Impacts Superannuation Strategies for High Balances
The Federal Government is pushing forward with the Division 296 Tax Bill, targeting individuals with superannuation balances exceeding $3 million. The legislation proposes an additional 15% tax on earnings over this threshold, including unrealized capital gains. This new tax dynamic raises strategic considerations for affected individuals, who must carefully plan their financial moves to mitigate…
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ASIC Cracks Down on Superannuation Advisers for Breach Reports
ASIC has been cracking down on financial advisers providing poor superannuation advice, leading to clients exceeding contribution caps and facing higher tax payments. The regulator’s Financial Services and Credit Panel (FSCP) has held panels from July to October 2024 to address breach reports submitted by Australian Financial Services licensees. ASIC expressed concerns that advisers were…
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Grattan Institute Proposes Simplifying Superannuation with Government Annuities
Researchers from The Grattan Institute have raised concerns about the complexity of Australia’s superannuation system, suggesting it is evolving into an inheritance scheme that many retirees find challenging to navigate. The institute proposes a solution to simplify the system by allowing retirees to purchase a government annuity using part of their superannuation, ensuring a regular…
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Beginner’s Guide: Maximizing Superannuation Benefits for Retirement Planning
Superannuation, a system in place since 1992, remains a topic of confusion for many. The purpose and workings of super funds are not always clear to the general public. To address this, a guide for beginners has been created to explain the basics of superannuation. This guide covers topics like contributions, taxation, and accessing retirement…
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Chalmers Vows Fair Tax Reforms for Super Funds
Treasurer Jim Chalmers has reaffirmed the government’s commitment to implementing tax reforms, specifically targeting unrealized capital gains in high-value superannuation accounts. Despite broader discussions on tax reform, Chalmers emphasized the importance of maintaining existing commitments to ensure equity in the system and long-term fiscal sustainability. Superannuation and Taxation: A Practical Guide to Saving Money on…
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Demystifying Superannuation: A Beginner’s Guide to Retirement Planning
Superannuation, a cornerstone of retirement planning in Australia, has been a compulsory system since 1992. Despite its long history, there remains widespread confusion about its intricacies. To demystify superannuation, a beginner’s guide has been crafted to address fundamental questions about super, including contributions, taxation, and withdrawal guidelines. Understanding the rules and strategies surrounding superannuation is…