New Increased Super Contribution Caps
As the end of financial year gets closer, some investors are thinking about the most effective ways to boost their super balance, particularly with an increase in the caps on contributions from 1 July.
The concessional contributions cap, which is the maximum in before-tax contributions you can add to your super each year without paying extra tax, is increasing to $30,000 from $27,500 in the new financial year.i
The cap increases in line with average we...
Understanding the new $3m super tax
The much-debated tax on superannuation balances over $3 million is inching closer and those who may be affected should ensure they have considered the implications.
Although it is not yet law, the Division 296 tax should be taken into account when it comes to investment strategy and planning, particularly in relation to any end-of-financial-year contributions into super.
Tax for higher account balances
The new tax follows a Federal Government annou...
28 February 2024
Read MoreInvesting successfully and improving your investment portfolio can be as much about minimising mistakes as trying to pick the ‘next big thing’. It’s all about taking a calm and considered approach and not blindly following trends or hot tips.
Let's delve into some of the most prevalent investment mistakes and look at the principles that underpin a robust and successful portfolio.
Chasing hot and trending shares
Every so often there are industries or shares that are al...
13 September 2023
Read MoreTrusts and the New Super Tax Rules
Ensuring you’ve structured your finances tax-effectively is always a concern, but with new tax rules for super on the horizon, many people with large balances are considering alternative vehicles to save for retirement.
Unsurprisingly, this has sparked a renewed interest in an old favourite – trusts.
Trusts have always been popular in Australia, with the government’s Tax Avoidance Taskforce (Trusts) estimating more than one million&...
As our superannuation balances grow larger, it makes more sense than ever to keep track of the many rules changes that have recently happened or are coming up soon.
Australians are investing more in super - almost $151 billion dollars in the year ending March 2023, an increase of 11.3 per cent.i
Those extra contributions, plus the rebound in the financial markets, have resulted in super assets of around $3.5 trillion.ii
And it is being put to good use. We took out lump sum payments totalli...