Tag: financial advisor services
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Strategic Steps at 57 to Secure Comfortable Retirement Lifestyle
At age 57, many Australians face a crucial juncture in their superannuation journey, a pivotal decade before the eligibility for the age pension kicks in. This period marks a critical phase where decisions made now can significantly impact the quality of retirement life awaiting them. The average super balance for this age group falls short…
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Maximize Superannuation Benefits Through Strategic Estate Planning
Estate planning involves considerations beyond one’s lifetime, extending to the distribution of superannuation assets posthumously. Proper preparation can help loved ones avoid excessive taxation on inherited super balances. Experts emphasize the importance of strategic planning to maximize the financial benefits for beneficiaries. Wills and Estate Planning: The Essential Guide for Australians | $26.91 Terry Vogiatzis,…
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Proposed Superannuation Reforms Target Wealthy Australians for Fairness
Superannuation tax concessions have been a contentious issue, with the government proposing changes to address what many perceive as an unfair advantage for the wealthiest Australians. Currently, superannuation earnings are taxed at a concessional rate of 15%, a significant benefit for most individuals and a substantial advantage for the affluent who would face a 45%…
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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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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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Labor’s Super Tax Proposal Sparks Intense Debate and Negotiations
Labor’s proposed super tax, initially announced by Jim Chalmers in February 2023, remains a contentious issue, despite not yet becoming law. The plan aims to increase taxes on individuals with super balances exceeding $3 million. This move is part of Labor’s strategy to address what they view as overly generous tax concessions within the superannuation…
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Tax Expert Urges Superannuation Reforms for Fairer Retirement System
A leading tax expert has raised concerns that the failure to pass proposed superannuation tax changes could hinder broader tax reform opportunities. Robert Breunig from the Australian National University emphasized the strategic importance of these changes for future reforms. Superannuation and Taxation: A Practical Guide to Saving Money on Your Super or SMSF | $32.95…
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Labor’s Superannuation Tax Plan Sparks Economic Concerns
Labor’s proposed superannuation tax plan, targeting accounts with balances exceeding $3 million, is causing a stir among economists and experts. While initially perceived as a measure aimed at the wealthy, the plan’s implications could extend far beyond that demographic. The extra 15 per cent tax rate on superannuation earnings, slated to take effect from 1…