Superannuation Contribution – Personal Deductible Contributions
Each person has an annual concessional superannuation contribution cap limit of $25,000. Contributions that count towards this maximum contribution limit each year are[…]
Now is as good a time as any to review your current financial situation and put a plan in place for the next 12 months. Sorting out your finances doesn’t have to be complicated, as even small savings can add up over the year.
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Early planning can take away a lot of the stress and uncertainty that can arise when considering aged care at home or a residential aged care facility, for yourself or perhaps for your parents / grand-parents.
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People aged 65 or over may be eligible to make additional super contributions of up to $300,000 per person from the proceeds of the sale of their home from 1 July 2018. These are known as ‘downsizer contributions’ and they can be made on top of the existing contribution caps, without having to meet certain contribution rules and restrictions.
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“Don’t sail out farther than you can row back.” This Danish saying is sound advice, and can also apply to anyone thinking of borrowing to buy a home.
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The Government announced personal tax cuts in the Federal Budget together with a number of integrity measures. Tax cuts will phase in over 7 years and will culminate in the reduction of tax brackets from 5 to 4[…]
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Essentially the Assets test “taper-rate” will increase from $1.50 per $1,000 to $3 per $1,000 of excess assets over the initial threshold. This means the reduction in the maximum Age Pension due to excess assets will increase. While the initial thresholds are increasing, the increased taper-rate will lower the cut-off levels for the Age Pension. So, while some pensioners may gain an increase in payments many others (as much as 91,300) may find that the no longer receive any Age Pension because of the changes. […]
Since the Budget night we have been in a holding pattern waiting to see if the proposed changes would become a reality. After considerable debate and deliberation the Government has now appeared to have finalised its grand plan for superannuation moving forward. As a consequence of yesterday’s announcement we felt that it would be worthwhile summarising the changes and provide some commentary on what it means to you. […]