Tag: financial planning book
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Netwealth and Hub24 Ride SMSF Surge in ASX 200
Investors seeking alternative options in the ASX 200 financials sector are turning their attention to self-managed super funds (SMSFs), which are experiencing significant growth. The total balance of SMSFs recently surpassed $1 trillion, with a notable increase in the number of funds being established, particularly among younger age brackets. The Guru’s Guide to Self-Managed Super…
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Superannuation Performance Test Sparks Industry Debate on Member Interests
Australia’s superannuation landscape has been undergoing significant changes, driven by the implementation of APRA’s performance test. This test has brought to light chronic underperformance within the superannuation sector and has prompted a wave of consolidation among funds. However, the latest results have sparked a critical debate regarding the efficacy of a backward-looking benchmark in balancing…
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Early Superannuation Release: Financial Hardship Relief and Considerations
Early release of superannuation due to severe financial hardship can provide a lifeline for individuals facing financial struggles. While superannuation is typically preserved until retirement, certain circumstances allow for early access. Under Australian law, individuals meeting strict eligibility criteria and whose super funds permit it can access up to $10,000 if they are receiving Centrelink…
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Government Proposes Superannuation Reforms for Fairer Retirement System
The proposed superannuation reforms by the federal government aim to create a fairer system for Australians during challenging times. These changes include doubling the tax on super balances exceeding $3 million, from 15% to 30%. For most Australians, retiring with a $3 million super balance is merely a dream, with the majority ending their working…
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Superannuation Contribution Caps to Increase, Benefit Older Workers
Superannuation contribution caps are set to increase for the first time in three years, thanks to robust wages growth data released by the Australian Bureau of Statistics. These caps, which govern both concessional and non-concessional contributions, are tied to wages growth and are periodically adjusted. Come July 1, the concessional contribution cap will climb from…
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Australian Super vs. Aware Super: Comparing Top Australian Super Funds
When it comes to choosing a super fund in Australia, two major players often stand out: Australian Super and Aware Super. These two funds are among the largest profit-for-member funds in the country, managing the retirement savings of millions of Australians. Australian Super holds the title of the largest fund in the nation, while Aware…