Tag: superannuation calculator
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Division 296: New Tax Rules Impacting Super Balances Over $3M
In the realm of superannuation, there’s a new tax frontier on the horizon known as Division 296, poised to impact individuals with super balances exceeding $3 million. While this measure is not yet law, the proposed changes are causing a stir among those in the financial landscape. The crux of Division 296 is to levy…
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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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Chalmers Stresses Fairness in Superannuation Tax for Retirees
During a recent economic reform roundtable in Canberra, Treasurer Jim Chalmers emphasized the importance of providing concessional treatment to retirees on their superannuation balances. Despite growing calls for tax system changes, Chalmers highlighted the need to maintain fairness for younger generations in any tax reform discussions. A PRACTICAL GUIDE TO AUSTRALIAN SUPERANNUATION: A Plain-English Guide…
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New Tax Targets Wealthiest Super Accounts in Australia by 2025
Superannuation changes set for 2025 are causing a stir, particularly the introduction of a new tax targeting the wealthiest super accounts in Australia. While the adjustments are slated to take effect on July 1, there is a wave of misinformation circulating, muddying the waters between fact and fiction. A Richer Retirement: Supercharging the 4% Rule…