Category Archives: Superannuation

Excess super contributions tax abolished

The 31.5% penalty tax applying to excess concessional super contributions has (finally) been scrapped. The old scheme was unfair in that excess contributions were taxed at 46.5% (including the 15% contributions tax that ordinarily applies to concessional contributions) which is equivalent to the highest marginal rate. Furthermore, the excess contribution amount was assessed under the […]

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Government moves quickly to increase super contribution limit

There were no further changes to superannuation announced in the recent Federal Budget, but the Government has wasted no time in moving on its previously announced proposal to increase the concessional contribution cap from 1 July 2013. On 5 April, Minister Shorten announced a $10,000 increase to the annual $25,000 cap and Treasury have already […]

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Government announces changes to superannuation

Last Friday Treasurer Wayne Swan and Minister Bill Shorten announced a range of changes to superannuation aimed at making super fairer for all Australians. Here are the key reforms: 1. Tax to apply on superannuation assets supporting income streams for high net worth individuals

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Good news for superannuation pensions

The Government released their Mid-Year Economic and Fiscal Outlook (MYEFO) this week. A number of changes were announced, however, the most notable was a final decision on when a superannuation pension ceases in the event of death. This has been an ongoing issue since July 2011 when the ATO released draft ruling TR 2011/D3. The […]

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One of the main advantages of having your superannuation savings invested in a self-managed super fund (SMSF) is having access to an enormous repertoire of strategies that can be applied to maximise the value of your fund. Generally, such strategies cannot be used if your superannuation is invested in other types of super funds such […]

The importance of anti-detriment payments from super

Whether a superannuation fund will make an anti-detriment payment (ADP) or not is seldom considered when weighing up the pros and cons of a given fund. But it should be. It is not compulsory for a super fund to make an ADP, which is payable upon death. Some funds will make an ADP only if […]

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How to boost your super balance and save tax

For most people, superannuation will become a key asset in planning for retirement and achieving financial security. The reason for this is twofold: 1) Employer contributions into super are usually compulsory and as such, the power of compounding returns over your working life results in a significant pool of funds upon retirement, and 2) Superannuation […]

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Budget 2012 – more changes to superannuation

Of all Australians, the proposals in this year’s budget will benefit lower income earners and families, social security recipients and the elderly most of all. For others, the exception being modest tax cuts for those earning $80,000 pa or less, there are few other changes to get excited about. As per usual, the government also […]

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    Financial Planning Expert is an independent financial planning business based in Melbourne. We provide genuinely independent and conflict free financial advice. We’re experts in self-managed superannuation fund (SMSFs) advice and strategy, retirement planning, property and share investment advice, life and income protection insurance, tax planning, asset protection, estate planning and advice for Australian expatriates.