Tag: retirement savings calculator
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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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ATO Crackdown Reveals $659M Unpaid Super Guarantee Charges
The Australian Tax Office (ATO) recently disclosed that it had concluded 23,600 super guarantee cases in the 2023–24 fiscal year, resulting in a total of $659 million in super guarantee charge liabilities. This figure underscores the ongoing issue of employers failing to meet their superannuation obligations. A PRACTICAL GUIDE TO AUSTRALIAN SUPERANNUATION: A Plain-English Guide…
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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…
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Survey: Majority of Older Australians Support Tax Increase on High Super Balances
Amid discussions on superannuation fairness, a survey reveals that over half of older Australians support the federal government’s proposal to increase taxes on high superannuation balances. The government is contemplating raising taxes on balances exceeding $3 million from 15% to 30%, affecting a small fraction of savers. Calculators HIHUHEN Large Calculator Solar & Battery Power…
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Australian Superannuation Strategies Amid Global Trade Uncertainties
In the midst of escalating global trade tensions and the uncertainty surrounding U.S. tariffs, many Australians are grappling with concerns about the impact on their superannuation savings. The implications of U.S. tariffs extend beyond American borders, affecting global markets, including Australia. These tariffs, essentially taxes on imported goods, can lead to inflationary pressures worldwide, resulting…
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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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Albanese Government Plans Super Tax Changes Impacting Wealthy Account Holders
Following the re-election of the Albanese government, attention has turned to the planned changes in superannuation taxation. Labor’s victory signifies a probable enactment of the legislation soon, impacting the taxation of investment returns in superannuation funds. Australia’s retirement income system consists of a government-funded age pension and private superannuation, where super includes compulsory and personal…