The headlines have been warning for weeks about a possible debt default by the United States. Negotiations have become contentious, with a deadline that could come as soon as June 1. The stock market is bracing for a negative impact as uncertainty looms over the US debt ceiling being raised. Australian shares are expected to...
Federal Budget 2023 Highlights: From 2026, employers must pay super at the same time as wages, $40m to fund an ATO compliance program targeting unpaid super, Broader crackdown on unpaid tax and super by medium and large businesses forecast to net $440m over four years, Increased tax on super over $3m from 2026 Streamlining...
SuperStream has transformed the Australian superannuation landscape, making it more efficient and user-friendly. In addition to streamlining contributions and transactions, SuperStream has a significant impact on the rollover process for self-managed super funds (SMSFs). Understanding Rollovers A rollover is a process of transferring your superannuation from one fund to another, which can occur for...
Interest Rate Hike Too many predictions have proven wrong today as The Reserve Bank of Australia handed down a cash rate hike to bring down the high inflation rate. The central bank increased the interest rate by 25 basis points from the previous 3.6 per cent to 3.85 per cent. From a record-low level of...
With retirement on the horizon, it’s essential to make the most of your superannuation savings to ensure a comfortable and secure future. By following these tips and taking a proactive approach, you can maximize your retirement nest egg and enjoy the golden years you deserve. Prevent Paying Multiple Fees Think about the possibility of...
Understanding the super contributions cap is crucial for maximising your retirement savings and avoiding potential tax penalties. You are only permitted to contribute a certain amount to your super fund each fiscal year without incurring additional taxes. The term “contribution caps” refers to these restrictions. Your age and total super balance may also affect how...
Transferring all of your super into one account is known as Consolidating Super. It reduces costs and makes managing super fund easier. However, you must choose the ideal super fund for you before consolidating. Your super can be transferred in a few easy steps for free. Visit the Australian Taxation Office (ATO) on myGov immediately...
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