For individuals whose income exceeds certain thresholds, an additional tax known as Division 293 tax applies to their superannuation contributions. While super contributions are generally taxed at a concessional rate of 15%, the Division 293 tax is designed to reduce this concession for high-income earners. So what exactly is Division 293 tax is and how…
Over the past five years, more than 150,000 Australians have dipped into their retirement savings early to cover medical expenses, raising concerns about the financial impact this may have later on. While the Australian Tax Office’s (ATO) compassionate release of superannuation scheme offers much-needed financial relief for those dealing with severe medical conditions, it also…
Estate planning is an essential process that ensures your assets are distributed according to your wishes after you pass away. While it can feel overwhelming, planning your estate helps secure your family’s future and minimises potential legal complications. Here are some key points to consider when starting the estate planning process. 1. Write a Will…
Superannuation is one of the best ways to save for retirement, but it’s not without its risks—especially if you’re between 40 and 60 and starting to think about winding down your working life. From market volatility to outliving your savings, potential bumps can affect your retirement plans. Understanding these risks now can help you make…
