Superannuation
Legislating the ‘objective’ of super
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.
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Future earnings for super balances above $3m taxed at 30% from 2025-26
The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%.
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Can super secure a woman’s future?
Many women retire with less super than men, resulting in lower living standards and higher risk of running out of savings. They can close this gap by checking their balance, investing wisely, and making extra contributions. By taking charge of their finances, women can secure a more prosperous retirement.
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Superannuation Strategies To Employ Before The EOFY
With the end of the financial year growing closer, now is the time to be thinking about the ways that you could be growing your superannuation.
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What happens to your superannuation when you die?
Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.
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Divorce, Superannuation and the Gender Divide
New legislation will help prevent superannuation assets from being hidden during divorce proceedings.
From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.
Recruiting new employees? The 1 November superannuation rule changes
From 1 November 2021, where an employee does not identify a superannuation fund, the employer is required to contact the ATO and request details of the employee’s existing superannuation fund or ‘stapled’ fund (the fund stapled to them).
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Did your super fund receive a compensation payment?
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or services they did not receive, etc.
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