Posted in Financial Planning

The federal 2024 budget confirmed superannuation will be paid on government-funded Paid Parental Leave (PPL) payments: The contribution will be 12% of the payment The contribution will be paid on payments after 1 July 2025 From 1 July 2026, the maximum PPL will be 130 days (26 weeks) Recipients must satisfy eligibility criteria If you need help with understanding the PPL, please don't hesitate to get in touch with us and arrange your free initial consultation ...

A “comfortable retirement” has a different meaning depending on your lifestyle but as a guide the Association of Superannuation Funds of Australia (“ASFA”) provides some benchmarks which may be helpful. Each Financial Year Quarter ASFA produce a report including expenses likely to be incurred in retirement The March 2024 Quarter costs for a “comfortable retirement” increased 0.70% to $72,663 for couples and $51,630 for singles The ASFA website has some...

Superannuation concessional and non-concessional contribution limits will be increased from 1 July, 2024 (i.e., the 2025 FY) Superannuation investments generally incur a lower rate of tax when compared to non-superannuation investments Accumulating savings in superannuation is a tax-effective strategy for retirement planning Contributions to superannuation are limited and exceeding the limits will have tax consequences Concessional Contributions (CC) to superannuation may be claime...

The Federal Government announced in May, 2023, a proposal for employers to be required to pay their employee super contributions on the day the employee is paid: The present requirement is for the employer to pay their employee super contributions each financial year quarter (September | December | March | June) The proposal is currently with Treasury department for consultation, but if adopted the new requirements would commence from 1 July, 2026 Business cashflow will be key to me...