The new financial year has seen a raft of laws and scheduled changes coming into force impacting everything from extra super contributions, through to the age you can access super and the age pension.
The new financial year has seen a raft of laws and scheduled changes coming into force impacting everything from extra super contributions, through to the age you can access super and the age pension.
The end of the tax year is edging closer. If you haven’t planned how you will maximise your income and save some tax, take note! The most effective strategies are often the simplest and can be applied before 30 June this year whilst others should be considered for next year.
With the Federal Budget brought forward to Tuesday the 2nd of April this year (ahead of the upcoming federal election) it is timely to provide an overview of the Budget proposals relating to Super, Tax & Social Security, and consider how these proposed measures would affect clients and their financial plans. To a large extent, we can look at the Budget as part of the Government’s re-election campaign, and so it’s also worth summarising the Opposition’s policies on the same topics.
Tuesday night’s Federal Budget, delivered a month early in anticipation of the upcoming Federal Election, contained a variety of measures across taxation, superannuation, social security and aged care that will affect many of our clients and their financial plans. Please note that these proposals are not yet legislated, and as always, the team at AGS Financial Group are well placed to advise you on your strategic options as these proposals progress.
Who decides what happens to your superannuation savings when you die?
You may think that you do, but that isn’t always the case. The ultimate decision may be made by someone you don’t even know – the trustee of your superannuation fund. Let’s look at how you can have greater control.
…pay more attention to my super.
I would take mental ownership of it rather than thinking it’s just something for old people to worry about.
Superannuation statements. Boring, right? But if, like many people, you toss your annual super statement in a drawer or hit delete, you could be depriving yourself of many thousands of dollars just when you need it.
We all know that our superannuation is there to provide for our financial needs in retirement. That means we can’t usually access our super until we reach preservation age and meet a condition of release.
The government regularly reminds us that each Australian must take responsibility for funding their future. Regardless of when you will be able to access your super, or when you choose to stop working, you need to be aware of how your superannuation is being managed and if the final balance will be sufficient when you’re ready to retire… and for the years beyond.
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