Time to think ahead
Are you a COVID cash switcher?
July 7th, 2021
Investing can be emotional. That’s never been truer than the early months of the COVD-19 pandemic last year, when share markets resembled a rollercoaster with more drops than climbs. Nobody likes watching their balance fall, particularly if you’re close to retirement and your super isn’t just future savings – it’s your income. It makes it […]
You could save 10% more into super
July 7th, 2021
On 1 July 2021, the amount you can contribute to super each financial year increased by 10%. That’s because the Government lifted the contribution cap limits on concessional (before-tax) and non-concessional (after-tax) contributions. Here are the new caps, effective 1 July this year. Contribution caps 2020/21 (previous FY) 2021/22 (current FY) Concessional (before-tax) contribution cap […]
Higher limits for first home savers
July 7th, 2021
Saving for a first home deposit is challenging. Now that we’ve stated the obvious, what can you do about it? You might be surprised to learn that over the last few years the Government has made some changes to super so first-time buyers can save faster for a home using their super account. While this sounds great […]
Housing affordability is an ongoing concern for many Australians, and a hotly debated topic both socially and politically. First-home buyers are faced with the very real challenge of saving a home deposit in a low interest rate and low real-wage growth environment. The prospect of saving a 20% deposit (the minimum amount required to avoid […]
Budget changes to super: more super for a first home and the end of the “work test” for older Australians
May 12th, 2021
The 2021-22 Federal Budget has been handed down, with several changes to super and retirement being announced. Most were adjustments to existing rules, rather than sweeping changes. We’ve summarised the key points for members below. FIRST HOME BUYERS CAN SAVE EVEN MORE OF THEIR DEPOSIT IN SUPER UNDER THE FIRST HOME SUPER SAVER SCHEME. The current situation: Eligible first home […]
You could save 10% more into your super from 1 July
May 12th, 2021
From 1 July the amount you can contribute to your super will increase by 10%. That’s because the Government is lifting the contribution cap limits on concessional (before-tax) and non-concessional (after-tax) contributions. Here are the new caps, effective 1 July this year. Financial year (FY) 2020/21 (current FY) 2021/22 (next FY) Concessional (before-tax) contribution cap $25,000 $27,500 Non-concessional […]
Super vs mortgage – which wins out?
March 2nd, 2021
While the main job of your super is to help you save for retirement, it’s more flexible than you might think. It can even help you save for a first home. But the First Home Super Saver Scheme (FHSS) isn’t the only time your home and your super form part of the same conversation. At some point down the track, you’ll start facing tricky […]
The $450 super threshold and what it means for you
March 1st, 2021
School doesn’t teach us much about superannuation, so you’d be forgiven for reaching your mid-20s (or older) and not knowing much about how it works. What we mostly take for granted is that it’ll kick in when we start working. While that’s true for most of us, some people are left out through no fault of their own. Why? Ever […]