Superannuation Articles

Income stream

Income stream

Contents Minimum standards applicable to an income stream Tax outcomes When does the income stream end? Super fund compliance requirements When a superannuation fund member satisfies a condition of...

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Super Fund

Super Fund

What is a super fund? A superannuation fund is a type of trust designed to provide retirement or death benefits for its members, and those members are the beneficiaries. The trust deed and the...

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Bring forward non concessional contributions

Contents The bring forward rule for non concessional contributions What is total super balance? Tax planning opportunities associated with the bring forward rule Exceeding the non concessional contributions cap The bring forward rule for non concessional contributions...

Transfer balance cap

Contents What is the transfer balance cap? What is a retirement phase account? What is an individual’s transfer balance limit? What is a transfer balance account and what role does it play? Transfer balance credits Transfer balance debits Excess transfer balance tax...

Income stream

Contents Minimum standards applicable to an income stream Tax outcomes When does the income stream end? Super fund compliance requirements When a superannuation fund member satisfies a condition of release such as retirement, they may start to make withdrawals by lump...

Superannuation tax

A superannuation fund that is a complying superannuation fund will be taxed under the regime primarily contained in Division 295 of the Income Tax Assessment Act 1997 (ITAA 1997).Requirements of a complying super fund A complying superannuation fund is a...

Super Death Benefit

A superannuation death benefit is a payment from a super fund to a person or to a trustee of a deceased estate after the member has died. The tax treatment of a super death benefit is based on: whether the recipient of the death benefit is a death benefits dependant...

First Home Super Saver Scheme

The First Home Super Saver Scheme (FHSS Scheme) was launched to help individuals save for their first home by allowing them to build up superannuation savings to use as a deposit. From 1 July 2022, individuals saving for their first home can contribute up to $50,000...

Super Fund

What is a super fund? A superannuation fund is a type of trust designed to provide retirement or death benefits for its members, and those members are the beneficiaries. The trust deed and the operation of the super fund needs to comply with the SIS Act and...

Ordinary Time Earnings

What is Ordinary Time Earnings?OTE is the amount paid to employees for their ordinary hours of work. OTE includes payments such as commissions and shift loadings. Employers use: Ordinary time earnings (OTE) to work out the minimum super guarantee contribution for...

Super Contributions

Making extra superannuation contributions is a great way to boost your retirement savings. Even small amounts add up over time and it can also reduce the amount of tax you need to pay. This article discusses various types of super contributions and how they affect...

Departing Australia Superannuation Payment

What is a Departing Australia Superannuation Payment (DASP)?Special taxation arrangements exist in Australia for superannuation benefits paid to former temporary residents after they have left the country. These benefits are referred to as "departing Australia...

Super Guarantee Charge

The superannuation guarantee charge (SGC) is applied where an employer fails to meet super guarantee obligations either by paying employee superannuation entitlements late or not at all.  Who is an employee for SGC purposes? An ‘employee’ as that term is defined in...

Super – Conditions of Release

For many individuals, their superannuation is their largest source of savings. So when can you access your super? The key tenet of the entire superannuation system is to provide individuals with financial resources, sometimes in conjunction with the age pension,...

Superannuation Lump Sum

  CONTENTS Super lump sums Components of a super lump sum Working out the withholding amount Rollovers Table A: Withholding rates for super lump sums Preservation age Super lump sums A super lump sum payment includes a: lump sum member benefit paid to an...

Superannuation Rules

Superannuation rules seem to change regularly. If you are an SMSF trustee, you should be aware of these changes. Here’s what you need to know.