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Superannuation is the money set aside for your retirement. When you move countries, it is important to understand what happens to your superannuation. In Australia, superannuation amounts from foreign super funds may be accepted to either a complying Australian super fund or you personally – however there are traps along the
Read MoreDo I still have to meet the Work Test? - Budget 2021-2022 Announcements Following years of advocacy form superannuation professional bodies, the Government has announced in the 2021-2022 Budget that from 1 July 2022, individual aged between 67 and 74 will no longer need to meet the work test to make superannuation contributions. This is a very posi...
Read MoreChanges to superannuation guarantee obligations for employers – Budget 2021-2022 Announcement Compulsory superannuation payments as part of salary and wage remuneration help build superannuation balances to support individuals into retirement. Currently, not all employees are entitled to superannuation – including those receiving less than $450 per...
Read MoreChanges to Superannuation Residency Rules – Budget 2021-2022 Announcement For individuals with a self-managed superannuation fund (‘SMSF’), the Government has announced several changes to the residency requirements of maintaining a SMSF, which will ensure that more SMSF’s maintain their complying status whilst members are overseas.
Read MoreExtension to Downsizer Contribution rules – Budget 2021-2022 Announcement In 2017-2018 Budget, the Government at the time announced reforms that would assist in reducing the pressure on housing affordability in Australia – one of which was the Downsizer contributions measure. From 1 July 2018, individuals 65 years of age or older who met the...
Read MoreWhen can I access my super? Throughout your work life, your employer sets aside a portion of your wage into a superannuation fund towards your retirement. For some, this can add up to hundreds of thousands of dollars that are inaccessible until retirement. In our experience, for those who try to access their super prior to reaching the appropriate...
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