If you’re aged between 67–75 and want to claim a tax deduction for a personal super contribution, you must meet the work test (or a one-off work test exemption). The work test requires that, at some time in the financial year, you were gainfully employed for at least 40 hours in any 30 consecutive days...

Many people have life and disability insurance as part of their superannuation fund. This can be a convenient way to get cover, but there comes a time, especially as you approach retirement, when you might wonder if it’s worth keeping. There’s no one-size-fits-all answer. The right decision will depend on your personal circumstances, your finances,...

Superannuation is a great way to save for retirement, but the government sets strict limits on how much you can contribute each year. These limits are called contribution caps. If you go over them, you could face extra tax. But don’t panic – here’s what you need to know and the steps to take if...

Starting 1 July 2025, Age Pension means test thresholds will increase, potentially boosting eligibility and payments for retirees. These changes, announced by the Department of Social Services, aim to keep pace with inflation and living costs. Here’s a quick overview of how these changes may impact you. What are the Age Pension means tests? The...

If you’ve been keeping an eye on your super, you might be wondering whether the contribution limits are increasing this year. The answer is – not yet. Two key caps that determine how much you can put into super each year will stay the same from 1 July 2025. Concessional contributions These are contributions made...

From 1 July 2025, your superannuation guarantee (SG) rate is increasing to 12%. That means more money going into your super from your employer, helping you build a better nest egg for retirement. But what happens if you earn some of your wages before 30 June but get paid after 1 July? Will the higher...

Many grandparents wonder if they can leave their superannuation to their grandchildren. Superannuation, or “super,” is a key part of retirement savings in Australia, and its rules can be tricky. So, can a grandparent pass their super to a grandchild? The short answer is – rarely. But there is a solution. A binding super death...

With the end of the financial year coming up, now’s a great time to get on top of your tax and super. A little planning before 30 June can help you make the most of any opportunities to reduce tax, boost your super, and avoid last-minute surprises. This checklist outlines key things to consider and...

The proposed Division 296 tax, which is proposed to start on 1 July 2025, introduces an extra 15% tax on superannuation earnings above a $3 million super threshold. Everyone supports a fair and sustainable superannuation system, but the new tax is unpopular for many reasons. Two big reasons people don’t like the new tax is...

If your super balance has suffered from recent market volatility there may be opportunities available now that weren’t before. Here are a few worth exploring. Entitlement to an Age Pension If you’re 67 or older, a lower super balance may mean you now qualify for the Age Pension or a higher payment if you are...