Australian Superannuation
The death of a parent is hard on all those involved, however once the grieving has eased, a time comes to address financial matters. One of these issues can be what happens to any superannuation they have left. Making things harder is the fact that the new transfer balance cap (TBC) brought in as of […]
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Recent superannuation reforms introduced a concept of “total superannuation balance”, which on the surface may give the simple impression that it is the sum of the balances of a person’s superannuation interests. However, this is not the case. What is the total balance relevant for? The total superannuation balance is relevant in determining a super […]
Read MoreAt the time of writing, the new Parliament released the first batch of proposed changes to the superannuation regime, and among these was the announcement that the proposed $500,000 lifetime non-concessional cap is to be scrapped. These proposed changes are still in exposure draft form and may be subject to further tweaking. The government also […]
Read MoreWhat is Division 293 tax? Division 293 tax is being introduced from the 2012-13 year to reduce the tax concession on superannuation contributions for individuals with income greater than $300,000 a year. Division 293 tax will be charged at 15% of an individual’s taxable concessional contributions above the $300,000 threshold (which is capped at $30,000). […]
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