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Showing 11 - 20 of 99 results for "contribution caps"

Super tax break crackdown to hit $410bn in savings

ANDREW MCKEAN  |  WEDNESDAY, 1 MAR 2023
... abandoned in 2007 as they became incredibly complex to administer. They were replaced by the intricate web of contribution caps, including age-based contributions caps, that ever since have been compliance nightmares for high income fund members and ...

Victim access to super should be extended: Associations

JAMIE WILLIAMSON  |  TUESDAY, 21 FEB 2023
... said the reality is that only a small number of superannuation accounts have balances of this size, adding that contribution caps introduced in 2017 will likely see the number of multi-million-dollar accounts fall alongside attempts to deposit large ...

Pensioner work bonus top of mind for advisers

CHLOE WALKER  |  TUESDAY, 17 JAN 2023
... home for 10 years or more. Downsizer contributions to a maximum of $300,000 do not count towards any of the contribution caps and can still be made even if a person has a total upper balance greater than $1.7 million. The consequences of selling the ...

BT answers advisers' top tax time questions

ANDREW MCKEAN  |  WEDNESDAY, 1 JUN 2022
... for 10 years or more. A downsizer contribution - up to $300,000 maximum - doesn't count towards any of the contribution caps and can still be made even if a person has total super savings greater than $1.7 million. A client's spouse can also ...

Government proposes further expansion of downsizer scheme

JAMIE WILLIAMSON  |  TUESDAY, 17 MAY 2022
... don't need larger family homes. They can contribute the proceeds from the sale into super, outside the usual contribution caps. "We welcome the additional flexibility this offers to our members, and the related changes to the exemption of principal home ...

SG rise to benefit 6.7m Australians: ISA

KANIKA SOOD  |  FRIDAY, 2 JUL 2021
... 35-year-old's retirement balance by $86,000, and even $650,000 if they take advantage of the new concessional contribution caps. CFS predicted a 45-year-old to gain $51,000 in at-retirement balance at 67 from SG increase, and $400,000 from maximum ...

Increase to super contribution cap

ELIZABETH MCARTHUR  |  TUESDAY, 6 APR 2021
Just before the Easter long weekend the Australian Tax Office confirmed an increase to superannuation contribution caps. From 1 July 2021, the annual concessional contribution cap will increase from $25,000 to $27,500. "Australians will be able to put ...

Imbalance in generational retirement income: RIR

ANNABELLE DICKSON  |  FRIDAY, 20 NOV 2020
... on how to do so. The potential inequity arises as current older Australians have benefitted from higher super contribution caps and increases in property values whereas younger Australians will end up contributing more to super with a higher SG rate. ...

ATO clarifies part disposal rules: DomaCom

ANNABELLE DICKSON  |  TUESDAY, 18 AUG 2020
... in their home to their super will enable them to enjoy a better retirement." There are no upper age limits or contribution caps on the contributions however; the contributions can only be made when the trustee is over 65 years old. It was previously ...

Retirement income review must focus on women: KPMG

HARRISON WORLEY  |  WEDNESDAY, 5 FEB 2020
... care-based work breaks, and the replacement of the current contribution cap system with lifetime concessional contribution caps. "This would benefit Australians with breaks in their workforce participation and/or periods of part-time working - typically ...