The Work Test And Work Test Exemption Explained

The work test and work test exemption explained If you’re aged 67 to 74 and want to make voluntary super contributions, you must meet a work test, unless you qualify for an exemption. See what you need to know. If you’re an older Aussie looking to make super contributions, you may have noticed more rules begin to apply as the years go on. If you’ve heard people talk about the work test and work test …

Indexation allows for higher super contributions from 1 July, 2021 | AMP Capital

  Indexation allows for higher super contributions from 1 July, 2021 Making super contributions after 1 July this year comes with a nice surprise as the concessional and non-concessional caps have been indexed along with the increases to the Transfer Balance Cap and Total Super Balance Cap. So how do the contribution changes work? Increase in concessional contributions cap Indexation of the standard concessional contributions cap takes place in increments of $2,500, calculated on increases …

Can I go back to work if I’ve accessed my Super?

Can I go back to work if I’ve accessed my Super? When you access your super at retirement your super fund may ask you to sign a declaration stating that you intend to never be employed again. But there may be compelling reasons why someone would subsequently return to work. According to the Australian Bureau of Statistics (ABS) the most common reasons retirees return to full or part-time employment are financial necessity and boredom.i Regardless of …

How to play catch up with your super

How to play catch up with your super Now you can put more into super at the concessional rate of tax, starting from the 2019-20 financial year Putting more money into the tax-friendly framework of superannuation to help you enjoy a fulfilling retirement… it’s one of those things that seems like a no brainer, especially with the benefit of hindsight. In a recent report Australians in retirement said that making extra super contributions was the …

Getting ahead with your superannuation when you’re self-employed

Getting ahead with your superannuation when you’re self-employed If you’re self-employed in Australia, there’s a good chance your retirement savings aren’t all they could be. In fact, research from the Association of Superannuation Funds of Australia (AFSA) found in the run up to retirement, the self-employed have around half the superannuation of employees. We talked to CERTIFIED FINANCIAL PLANNER® professional Dacian Moses, financial planner at Waterfall Way Associates, about strategies for the self-employed to get on …

Are you entitled to a tax deduction on personal super contributions?

Are you entitled to a tax deduction on personal super contributions? This financial year is the first time that employees can claim a tax deduction for their personal super contributions. Personal super contributions made during the 2017-18 financial year can now be claimed as a tax deduction by most Australian workers. This follows changes made by the government which came into effect on 1 July 2017. Previously, only the self-employed, unemployed, retirees, or those who …

Why it pays to contribute to your partner’s super

Why it pays to contribute to your partner’s super If your other half is a stay-at-home parent, working part-time or out of work, adding to their super could benefit you both financially. If your spouse (husband, wife, de facto or same-sex partner) is a low-income earner or not working at the moment, chances are they’re accumulating little or no super at all to fund their retirement. The good news is, if you want to help …

Do you make up the age group with the most lost super?

Do you make up the age group with the most lost super? With almost $18 billion of super money unclaimed in Australia, it’s worth knowing if any of it’s yours and how to go about getting it. If you noticed cash was missing from your wallet, it’s more than likely you’d look for it. But, what if the money you lost track of was your superannuation? Would you notice it was gone? Would you know …

Five tax deductions to know about

Five tax deductions to know about You’re probably well aware you can claim a tax deduction for general work-related expenses. But did you know you may be able to claim if: 1. You take a course or study. You may be able to claim a portion of self-education expenses if it’s related to your ability to earn an income. 2. You travel to inspect your investment property. You may be able to claim for expenses …