Do you have your own business or are thinking of starting one? If so, you may need to pay yourself superannuation depending on your business structure. Types of business structures available If you were working for a company, your employer would be required to pay you superannuation guarantee (SG) contributions of 10.5% of your earnings...

Caps and limits untouched In a pleasing development, the important superannuation caps and limits were undisturbed, providing all-important investor certainty moving forward. This means that: individuals will be permitted to contribute just as much to superannuation as currently under the concessional and non-concessional caps at $27,500 and $110,000 respectively (or up to $330,000 of non-concessional...

The ATO has reminded superannuation members that severe financial hardship does not meet the grounds for compassionate release. This reminder comes as the ATO continues to receive calls from people experiencing severe financial hardship or wanting to access their superannuation to assist with general expense. Background – severe financial hardship Access to superannuation for severe...

A recent Administrative Appeals Tribunal decision reminds us all that SMSF trustees (members) can be disqualified where serious breaches, be they advertent or inadvertent, of the super rules are committed. One of the ways the ATO deal with non-compliance is by disqualifying an individual as a trustee (or director of a corporate trustee) of a self-managed super...

Fresh statistics released by the ATO reveal that the superannuation gender cap is very real. While the average super balance for a man is $161,834, for a woman it’s $129,506 – a massive 25% difference. This gender gap begins in peoples’ twenties, mostly caused by wage differences and time off for children, and by their...

Most people insure their personal assets, such as their house, contents and car, but when it comes to personal insurance, many overlook the importance of protecting their wealth because personal insurance is often seen as unnecessary, a luxury and an additional cost to pay for. Unfortunately, we don’t know what’s around the corner but having...

Estate Planning means different things to different people. Ultimately, it is about ensuring that you have the right mechanisms in place to ensure that in the event of your death, your assets pass in the manner you intend. Broadly speaking, there are four key steps in the estate planning process: Firstly, identify which assets are...

Superannuation funds have recorded their worst performance since the global financial crisis, with the median balanced superannuation fund ending the 2021/22 financial year down 3.3% due to global market instability. This result is the third lowest return since the introduction of superannuation guarantee in 1992. So, what are your options if your superannuation balance has...

Have you ever wondered how much superannuation you will have and need in retirement? The answer is it depends on a range of  factors, such as your lifestyle goals, whether you have paid off your mortgage, your financial situation, whether you live a relatively healthy lifestyle, your likely life expectancy, and so on. How much...

Are you ready to take control and compare your superannuation fund’s performance against other funds? You might be in luck if you have a MySuper fund as the ATO’s YourSuper comparison tool can help you compare different MySuper products and choose a superannuation fund that meets your needs. What is a MySuper fund? A MySuper...