Tag: superannuation guidebook
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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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Strategies to Navigate Superannuation Inheritance Tax for Beneficiaries
When it comes to superannuation inheritance, the looming specter of the “death tax” can cast a shadow on the otherwise well-intentioned scheme. With Australians amassing a staggering $4.2 trillion in super assets, the implications of passing on wealth to beneficiaries have come under scrutiny. The original purpose of super was to support retirement and reduce…
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Government’s Superannuation Reforms Enhance Australia’s Retirement System
The government’s superannuation reforms, implemented through legislation passed in November 2016, aim to enhance the fairness, sustainability, flexibility, and integrity of Australia’s superannuation system. These reforms were a response to the changing demographic landscape and fiscal pressures facing the nation. The reforms, announced in the 2016-17 Budget, were refined through a public consultation process that…
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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…