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From 1 July 2012, an additional 15% tax on taxable super contributions was introduced. Known as ‘Division 293 tax’, its purpose is to make taxation on super fairer by reducing tax concessions available to very high-income earners. Learn who pays it, how it’s calculated and the options available to pay it.
If you’re approaching your mid 60’s, you might be wondering if and how you can add to your super and grow your savings for retirement. There are ways of doing so, but you need to be clear on the rules.
When it comes to protecting ourselves from scammers, a little bit of knowledge, and a good deal of vigilance, goes a long way. Be alert to the dangers, and learn how you can protect yourself.
If you find yourself with a bit of extra money, putting it into super could be a great option. You’ll benefit from super’s tax-friendly environment and may have an opportunity to claim a tax deduction at the same time.
Your super balance could be a significant asset when you die and it should therefore be considered very carefully in your estate planning. This is particularly important given that your super will not automatically be covered under your will.
The ‘bring-forward’ rule allows super members to make up to three years’ worth of non-concessional (after-tax) contributions in a single year by bringing forward the caps of the next two years. The rules can be complicated, and it’s important to understand how they work before using them.