Category: Superannuation

ASB Consulting & Tax blog

Practical Advice And Updates Tailored For Business Owners And Operators.

 

Our goal is to be more than your accountant – we aim to be your business partner, offering insights that aid in your business growth. Each article is designed to deliver clear, information, assisting you in making informed decisions for your business.

 

Explore our content and use our expertise to improve your business journey.

 

For direct inquiries or tailored advice, please feel free to reach out to us through our CONTACT PAGE.
$2m Transfer Balance Cap from 1 July 2025: What to Know Now

$2m Transfer Balance Cap from 1 July 2025: What to Know Now

Threshold for tax-free retirement super increases   The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.   Each year, advisers await the December inflation statistics to the be released. The reason is simple, the transfer balance cap – the amount that can be transferred to a tax-free retirement account – is indexed to the Consumer Price Index (CPI) released each December. If inflation

Read More »
May 5, 2025
downsizer contributions

More women using ‘downsizer’ contributions to boost super

More women using ‘downsizer’ contributions to boost super   If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies).   In 2023-24, over 57% of people making a ‘downsizer’ contribution to super were women. And, the average value of the contribution was marginally higher at $262,000 versus $259,000 contributed by

Read More »
November 11, 2024
Super cap increase

How to take advantage of the 1 July super cap increase

How to take advantage of the 1 July super cap increase   From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.   The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions.   The contribution caps are indexed to wages growth based

Read More »
March 21, 2024
Workers owed $3.6bn in superannuation guarantee 

Workers owed $3.6bn in super guarantee

Workers owed $3.6bn in superannuation guarantee   Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change.   Superficially, the statistics on employer superannuation guarantee (SG) compliance look pretty good with over 94%, or over $71 billion, collected without intervention from the regulators in 2020-21.   The net gap in SG has also declined from

Read More »
November 8, 2023
30% tax on super earnings above $3m

30% tax on super earnings above $3m

30% tax on super earnings above $3m   Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality.   The draft legislation appears largely unchanged from the Government’s original announcement.   The proposed calculation aims to capture

Read More »
October 24, 2023
The Super Wars

The Super Wars

The ‘Super’ Wars   A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to superannuation ahead of the 2023-24 Federal Budget.   What is the purpose of superannuation? At first glance, the consultation released by Treasury in February titled Legislating the objective of Superannuation sounds innocuous enough. The consultation seeks to anchor future policies relating to superannuation to a legislated objective:   The objective of superannuation is

Read More »
March 30, 2023
Is downsizing worth it

Is downsizing worth it?

Is downsizing worth it? From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation.   Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs.   What’s a ‘downsizer’ contribution? If you are aged 55 years or older, you can contribute $300,000

Read More »
February 21, 2023