Superannuation

From 1 July 2024, superannuation contribution caps will rise for the first time in three years following data from the ABS showing strong wages growth. Concessional Contributions ·         The annual concessional contribution cap is increasing from $27,500 to $30,000 from 1 July 2024. ·         The Superannuation Guarantee rate also increases from 11 per cent to 11.5 per cent from 1... Read more

1. Super Guarantee Rate Increase From 1 July 2023 the new super guarantee (SG) rate is 11%, increased from 10.5% last financial year. Business owners will need to ensure that payroll and accounting systems are updated. The ATO’s SG calculator helps employers work out the correct amount of super payable to their staff. Employees can utilise the ATO’s super estimator... Read more

There are a number of superannuation changes that will take effect from 1 July, 2022. Superannuation Guarantee: Increase in super guarantee percentage – Super Guarantee (SG) increases from 10% to 10.5%. It will continue rising 0.5% each year until it reaches its final rate of 12% on 1 July 2025. Removal of the $450 monthly superannuation guarantee threshold – The... Read more

Sustainable investing has become a major focus for investors globally, with a third of all investable assets predicted to be managed with this approach by 2025. Environmental, Social & Governance Otherwise known as ESG investing, sustainable investing is the practice of considering environmental policies, social implications and corporate governance in addition to the traditional financial and operational metrics, when making... Read more

Legislation has finally been passed to give effect to the key superannuation changes proposed in the 2021 Federal Budget. The legislated changes include: Removal of the work-test requirement for non-concessional contributions and salary sacrifice contributions, for individuals aged between 67 and 75. Extending eligibility to make non-concessional contributions under the bring-forward rule to individuals aged under 75 at the beginning... Read more

As the financial year draws to a close, there are some changes worth highlighting which are likely relevant for a number of clients. Compulsory Superannuation Rate Increases The superannuation guarantee rate will increase to 10% from July 1, 2021 and rise by 0.5 per cent per year thereafter until it reaches 12 per cent by 2025. 2021-22: 10% 2022-23: 10.5%... Read more

Superannuation Pension – Minimum Drawdown Relief Extended The temporary 50% reduction to the minimum income drawdown from superannuation pensions has been extended until 30 June 2022. This measure helps to minimise the need to sell down assets in depressed markets, and has been extended due to the impact of the Covid-19 crisis on some retirees’ superannuation account balances. For the... Read more

From 1 July 2021, superannuation contribution caps will increase due to indexation – a positive change that allows for greater superannuation amounts. The concessional contribution cap is set to increase from $25,000 p.a. to $27,500 p.a. The standard non-concessional contribution cap is calculated as four times the concessional contributions cap, so is set to increase from $100,000 to $110,000. The... Read more

Two measures announced in the Government’s stimulus package are changes related to superannuation. Superannuation Pension Streams Reduced The Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products. This is of benefit to retirees holding these products, by reducing the need to sell investment assets to fund minimum drawdown requirements. The minimum annual amount that you’re... Read more

We have seen a major correction in all equity markets around the globe, as investors react to the impact of coronavirus on company profits. Travel bans and factory closures will certainly have an impact on global economic growth and activity. Uncertainty and fear are leading many investors to sell indiscriminately as they try to reduce their overall exposure to the... Read more