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July 7th, 2021
On 1 July 2021, the amount you can contribute to super each financial year increased by 10%. That’s because the Government lifted the contribution cap limits on concessional (before-tax) and non-concessional (after-tax) contributions. Here are the new caps, effective 1 July this year. Contribution caps 2020/21 (previous FY) 2021/22 (current FY) Concessional (before-tax) contribution cap […]
Saving for a first home deposit is challenging. Now that we’ve stated the obvious, what can you do about it? You might be surprised to learn that over the last few years the Government has made some changes to super so first-time buyers can save faster for a home using their super account. While this sounds great […]
May 12th, 2021
The 2021-22 Federal Budget has been handed down, with several changes to super and retirement being announced. Most were adjustments to existing rules, rather than sweeping changes. We’ve summarised the key points for members below. FIRST HOME BUYERS CAN SAVE EVEN MORE OF THEIR DEPOSIT IN SUPER UNDER THE FIRST HOME SUPER SAVER SCHEME. The current situation: Eligible first home […]
From 1 July the amount you can contribute to your super will increase by 10%. That’s because the Government is lifting the contribution cap limits on concessional (before-tax) and non-concessional (after-tax) contributions. Here are the new caps, effective 1 July this year. Financial year (FY) 2020/21 (current FY) 2021/22 (next FY) Concessional (before-tax) contribution cap $25,000 $27,500 Non-concessional […]
March 2nd, 2021
While the main job of your super is to help you save for retirement, it’s more flexible than you might think. It can even help you save for a first home. But the First Home Super Saver Scheme (FHSS) isn’t the only time your home and your super form part of the same conversation. At some point down the track, you’ll start facing tricky […]
March 1st, 2021
School doesn’t teach us much about superannuation, so you’d be forgiven for reaching your mid-20s (or older) and not knowing much about how it works. What we mostly take for granted is that it’ll kick in when we start working. While that’s true for most of us, some people are left out through no fault of their own. Why? Ever […]
Around three million Australians withdrew super early last year to the tune of more than $36 billion. That’s more people than live in the whole of Western Australia, and about a third of the amount that’s been paid out on JobKeeper. Since then, there have been calls for the Government to top up super for […]
February 5th, 2021
After a turbulent 2019/20 financial year, it was heartening to see investment returns firmly in the positive for the first half of 2020/21. Global share market performance was varied early in the 2020/21 financial year. As economies and businesses slowly started to recover from the impact of COVID-19, the US and China produced large positive […]
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