Understanding the new $3m super tax

Understanding the new $3m super tax

The much-debated tax on superannuation balances over $3 million is inching closer and those who may be affected should ensure they have considered the implications. Although it is not yet law, the Division 296 tax should be taken into account when it comes to investment strategy and planning, particularly in relation to any end-of-financial-year contributions…

Retirement income and tax

Retirement income and tax

How much tax you pay on retirement income depends on your age and the type of income stream. For most people, an income stream from superannuation will be tax-free from age 60. How super income streams are taxed Types of super income streams Income from super can be an: What is taxable and what is…

Trusts and the new super tax rules

Trusts and the new super tax rules

Ensuring you’ve structured your finances tax-effectively is always a concern, but with new tax rules for super on the horizon, many people with large balances are considering alternative vehicles to save for retirement. Unsurprisingly, this has sparked a renewed interest in an old favourite – trusts. Trusts have always been popular in Australia, with the…

Say goodbye to tax troubles

Say goodbye to tax troubles

Do you find yourself drowning in random receipts when EOFY comes around? Learn to lodge your tax return the easy way with these last-minute and longer-term tax hacks. Tax paperwork is something few of us take in our stride. In fact, the majority of people hand over much of this responsibility to someone more qualified….

Super, death, and avoiding taxes

Super, death, and avoiding taxes

An interesting finding in the federal government’s Retirement Income Review report is that many Australians are dying with the majority of the wealth they had when they retired. Having enough superannuation to enjoy a financially comfortable retirement lifestyle is most Australians’ aspiration. As the super system continues to mature, and with the benefit of compounding…