Do you get paid Super on your overtime?

Well, the answer is usually no, but also that depends.

Your superannuation is your forced savings for your retirement, so it’s important to understand these two key features:

  • How much Super are you being paid?
  • How is it actually calculated when it comes to commissions, bonuses, overtime and back pay?
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When is an inheritance tax not called inheritance tax?
When it's a super death payment tax of course!

Like to know more? Well, you should because this tax problem has special meaning for people with super, and adult children of people with super.

If you plan on leaving your superannuation to your now adult kids when you pass away, there's a strong possibility your super death benefit payout will be hit with tax.

Published in Blog

Getting money out of super early on compassionate grounds

Many people are unsure about whether they could get early access to some of their superannuation funds.

While this is a very complicated task (and perhaps the stuff of urban legend) it's worth setting the story straight; so you know where you stand with your super.

Published in Blog

Did you know you can now claim a tax deduction for making a personal contribution into your super?

Previously, most Employees were excluded from claiming a tax deduction for their personal contributions to super.

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Life Insurance and Super each have one thing in common...

If you don't legally decide today who you want to get your money tomorrow, someone else will make that decision for you - and you might not like the result.

Simply put, you can nominate in writing who you want to receive any future payout with a Beneficiary Nomination or Binding Death Nomination (depending upon what you choose).

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So why do we need to be continually upgrading our financial literacy?

Because there's increasing numbers of financial decisions needing to be made throughout our retirement,  we all need to get used to making better financial decisions now.

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The arrival of a new child, either by birth, adoption or some other happy moment brings life-changing times to someone's life.

Baby proofing a home can feel like a never-ending job constantly scanning the horizon looking for risks to manage. From putting soft pads on hard corners of tables, using soft door guards to keep little fingers from getting caught and moving everything below waist height that's bright, shiny and reachable.

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When can you make a contribution to your spouses super fund and claim a tax credit yourself?

If your spouse (wife, husband, de facto or same-sex partner) is a stay at home parent, is a low-income earner, or not working at the moment, chances are they’re not increasing their super and might have little or no super to fund their retirement.

The good news is if you want to help you can put money into their super, and you might be eligible for a personal tax offset, while helping to create a better future.

Published in Blog

Feeling guilty about deciding between paying down your mortgage or topping up your super?

After all putting extra money into your mortgage means you can pay off your debt quicker and save interest, but putting extra money into super builds your retirement nest egg.

Sounds like an impossible choice?

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Who's your super beneficiary?

With superannuation now becoming a compulsory part of life, many people soon find they have significant amounts in their super growing at 9.5% per year - the minimum compulsory amount all employers are required to withhold from your income and deposit into your super account, for your retirement.

In reality, if you passed away today, the value of your super account could be significantly higher because of a ‘hidden’ life insurance component.

Published in Blog

Need to get early access to some of your super?

Nothing starts a heated conversation between mates at a BBQ quicker than a question about superannuation and whether you should be allowed to get access to it before you retire.

The government's stated purpose behind our national compulsory super savings plan is to provide people income in retirement to substitute (or supplement) the Age Pension. This is known as the sole purpose test.

Published in Blog
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