In some circumstances, superannuation contributions can be claimed on your tax return if made to a super fund or retirement savings account. However, these circumstances are limited and may require professional advice to maximise the benefits. Superannuation contributions paid by your employers directly to your super fund from your before-income tax cannot be claimed. These…
For self-employed individuals, superannuation may become a neglected aspect of your payroll to yourself. It is not a requirement for self-employed individuals to pay themselves it (though it is strongly recommended). To prevent losing out on the compounding interest of superannuation (and a potentially boosted financial situation in your retirement), paying superannuation contributions now can…
There’s been a lot of buzz around superannuation since the 2023-24 Federal Budget was announced. One such buzz involves the concept of ‘payday super’. Payday super has been introduced by the government to avoid the discrepancies that those in lower-paid, casual and insecure work often encounter with their superannuation compared to others in more secure…
Superannuation was not a source of significant surprises in this year’s Federal Budget, as many of the changes announced had already been previously discussed. However, these changes are still important to consider when planning your superannuation strategies for the next financial year. $3 Million Super Balances & Tax As announced in March 2023, extra tax…
