Taking out insurance through a super fund can be a great option for some members, but it does also come with some pitfalls. Most super funds provide their members with insurance options and an option to increase, decrease or cancel your default insurance cover. There are many benefits of taking out insurance through super, which…
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Pre-retirees can take advantage of a range of strategies to boost their nest egg. Here are three popular ways to top up your retirement savings: Maximise contributions Take advantage of the concessional (pre-tax) and non-concessional (after-tax) contributions by contributing as much as you can afford before reaching the caps. From 1 July 2017, the annual…
The reforms to superannuation made in the 2016 Federal Budget are on their way with most of the changes commencing from 1 July 2017. Some of the changes to take place from 1 July 2017 onwards will include: Lowering the concessional and non-concessional contribution caps The cap on concessional (before-tax) contributions will be decreased from…
Tighter superannuation rules will apply from 1 July 2017 as part of the super reforms announced in last year’s Federal Budget. The new rules include the introduction of a $1.6 million super balance cap for after-tax contributions; a maximum of up to $25,000 for concessional contributions; and the removal of the current “bring-forward” rule allowing…
Workers on the cusp of retirement who are short changed on their superannuation entitlements have nest eggs that are tens of thousands of dollars less than those who are paid correctly. Using the latest ATO data from 2013-14, the research from Industry Super Australia found that people aged 60 to 64 on salaries ranging from…