As retirement approaches, putting extra funds into your superannuation can be a wise decision. This is especially true if you come into extra money through an inheritance or the sale of a significant asset. Increasing your super contributions not only enhances your retirement savings but also offers the benefit of tax-free income when you start withdrawing from your super during retirement.
The 2024-25 Financial Year is upon us and it has brought several new laws which may impact you.
The Australian Tax Office (ATO) confirmed this month that the superannuation thresholds for 2024 will increase. These adjustments equate to nearly a 10% rise in the allowable super contributions. The raised thresholds also benefit low-income earners by increasing the earnings limit for qualifying for the $500 co-contribution payment.
It’s the question every Financial Planner has been asked, countless times—How much money do I need to retire?
A reminder to all business owners, the next super guarantee payment is due 28 October. This payment is for superannuation accrued by employees in the July – September quarter.
Nearly 40% of Australians believe they will not have enough funds to retire comfortably. With pressures due to cost of living increases, it is likely we will see this number continue to grow.
The federal government announced two significant measures regarding superannuation as part of the 2023-24 Federal Budget. Whilst these measures will not come into effect for several years, it is important to be aware to avoid any penalties once the measures commence.
Now that borders have fully re-opened, we are seeing a significant increase in business travel. With increased travel, comes increased expenses people may be looking to claim.
The most recent Employer Quarterly Super Contribution was due to be paid on 28 January 2023. Employees will be checking to ensure their employer has paid super by this date as missing or late superannuation payments can have a significant impact on the long term growth of one’s super balance.
As mentioned in previous editions of Armada Insights, the ATO has ramped up its debt collection activities by issuing Director Penalty Notices for outstanding debts.