Changes to super from 1 July 2024
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We look at the changes to super rates and rules from 1 July 2024, including the increase to the Superannuation Guarantee (SG) rate and super contribution caps.
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News From Wynyard Park Private Wealth
General Advice Disclaimer
This material is provided for information only. No account has been taken of the objectives, financial situation, or needs of any particular person. Accordingly, investors should, before acting on the information provided, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation, and needs.
Who gets your superannuation when you die?
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Strict rules govern how your super is distributed when you die – and it’s important to follow those rules to make sure your money goes to whom you want.
Read MoreMake your tax cut work for you
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You may pay less tax when tax cuts take effect from 1 July. While the tax savings will depend on your circumstances, it’s important to think about the best way to use them.
Read MoreUpsize super with downsizer contributions
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When selling an eligible property, you may be able to contribute to super, even when it ordinarily wouldn’t be possible because of the restrictions that apply to other super contributions.
Read MorePay down mortgage or boost super – which is best?
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You might be wondering what to do with your cashflow given the recent rise in home loan interest rates. Should you pay off your mortgage faster or save more in super?
Read MoreWhy you should worry about the new super tax – even with less than $3m
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These two worked examples show how the taxing of unrealised capital gains can have unintended consequences.
Read MoreMinimum pension payments return to normal (no more 50% reduction)
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From 1 July 2023, superannuation members with account-based pensions are required to again take at least the standard minimum pension amount each year from their account.
Read MoreGreater super contribution opportunities from 1 July 2023
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If you are looking to increase your super, and are under age 75, then a good way is through making non-concessional contributions.
Read MoreWant to fight climate change? New research details which actions have the most impact
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The most common actions Australians are taking to reduce their carbon footprint include recycling paper, plastics and glass and drying their clothes on a line or rack instead of using a dryer, but a new whitepaper published by Australian Ethical has found installing solar panels on your home, switching to a green energy plan and switching your superannuation to an ethical fund are the three actions that have the most impact.
Read MoreGovernment’s proposed changes to the taxation of super
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The Government has announced its intention to change the tax concessions for certain super accounts if you have a total super balance of more than $3 million.
Read MoreWill you be able to live the retirement lifestyle you want to?
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Australians, on average, are living longer than ever, thanks to better health and medical advances. That means the longer you live, the more money you will need for your retirement.
Read MoreYour Super – who to nominate as your beneficiary?
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Nominating your super beneficiary is something you have most likely been asked to do if you have a superannuation fund.
Read More5 things you and your partner should know about super
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Super rules can affect couples differently to single people. And being part of a couple can have a big impact on your retirement savings goals too. Here are five things to understand about your super as a couple.
Read MoreIt’s our business to know your business
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If you are a small business owner you would know the importance of having a good team behind you. That includes a team that can help look after your finances, talk to you about appropriate business insurance and discuss succession planning for when you decide to wind up the business, or you are forced out due to ill health or death.
Read MoreRetirement Plans interrupted
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A highly experienced nurse, Mary has worked hard for decades and was looking forward to retiring. But she was forced to reassess her retirement goals when the pandemic upended her plans and placed a strain on her marriage.
Read MoreNurturing your nest egg
/The current rate of compulsory Superannuation Guarantee (SG) is due to increase to 10% in July 2021. It has been frozen at 9.5% since July 2014 and there have been many arguments for and against increasing SG contributions from the current rate of 9.5% to 12%.
Read MoreDo you need to review your insurance?
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When a family experiences financial difficulty due to loss of income when an immediate family member becomes seriously injured or ill, itis an extra stress at an already difficult, busy and emotional time. This is why appropriate insurance cover is a key consideration in any financial plan.
Read MoreHow younger members can make the most of market volatility
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In unprecedented times, market volatility and the news headlines that follow can often be a cause of concern for members – particularly when it comes to superannuation.
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