Monthly Archives: June 2011

Minister Bill Shorten says opposition is divided about increasing super, opposition denies it

Posted on June 23, 2011 by SuperBenefitnews

Shadow Treasurer Joe Hockey has rejected as desperate and dishonest, assertions made by Bill Shorten that the Coalition was divided about Labor plans to increase compulsory super. “The Coalition does not support Labor’s push to increase compulsory super from 9 … Continue reading →

Posted in Super Law & Compliance | Leave a comment

What is the minimum and maximum age to start a self managed super fund?

Posted on June 21, 2011 by SuperBenefitnews

You can set up a self-managed super fund (SMSF or DIY fund) at any age, but individuals are not permitted to make super contributions beyond the age of 74. You can however rollover (transfer) a current super benefit after the … Continue reading →

Posted in SMSF Info, News & Stats, Super Law & Compliance | Leave a comment

Year End Tax Strategy – Self Employed can claim a Deduction for Contributions to Super (generally)

Posted on June 14, 2011 by SuperBenefitnews

During the tax year, if you earn less than 10% of your income from wage/salary, and the rest from self employment, you can claim a tax deduction for contributions to super. For example you may have extra cash profit in … Continue reading →

Posted in Super Law & Compliance | Leave a comment

Employment contracts and the new rising Super Guarantee – Caution

Posted on June 9, 2011 by SuperBenefitnews

Compulsory employer superannuation (SG) contributions will increase from 9% to 12% of employee ordinary time earnings from 2013 to 2019. Note that some clauses in contracts provide a total remuneration package inclusive of superannuation contributions. Some employers may think that … Continue reading →

Posted in Super Law & Compliance | Leave a comment

What if i don’t draw out the minimum income stream?

Posted on June 7, 2011 by SuperBenefitnews

Account Based pensions from super allow the withdrawal of up to the full amount, but have a minimum based on your age. In other words if you wanted to not touch the money to preserve it as long as possible, … Continue reading →

Posted in Super Law & Compliance | Leave a comment

Year End Tips for SMSF Pt2 – Super Tax planning

Posted on June 2, 2011 by SuperBenefitnews

Employees – limited chances to boost super by 30 June (need to write to employer and request to salary sacrifice this month) as you can only sacrifice future salary, not past. Not working or self employed – make a tax-deductible … Continue reading →

Posted in SMSF Info, News & Stats | Leave a comment