Super increase to 10% from 1 July 2021 – what it means for your payslip?

Super increase 2021 graphic featuring stacked coins and growing green plants, symbolizing the rise of the superannuation rate to 10% in Australia, with Integrity Plus Accounting branding.

All – New 10% Superannuation Rate 1 July 2021 Increase from 9.5% to 10% Super applies to wages paid from 1 July 2021. Scenario A: Your contract is Y including super – less pay, more super Scenario B: Your contract is X plus super – same pay, more super Scenario A: Contract is X plus […]

Super Guarantee Rate is Set to Rise from July – Are You Prepared?

Red upward arrow on a concrete wall, symbolizing growth and increase, relevant to the rising superannuation guarantee rate discussed in July article.

The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally. In July 2021, the rate will rise to 10%. From then on, the rate will increase by 0.5% each year until July 2025 when it will […]

Tax Tips for Individuals

Person typing on laptop at a table with coffee cup and documents, illustrating tax preparation and financial management for individuals.

Although your tax return is not due for a few months yet, the end of the financial year is near. Get ahead now by preparing all the documents required for your 2021 tax return so you can get your tax done quickly and get any refund due to you in your bank! Income The Australian […]

Tax tips for self-managed superannuation funds

Calculator app displaying the number 1512, with a finger pressing the equals button, symbolizing financial calculations relevant to self-managed superannuation funds (SMSF) and tax preparation.

Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are strict laws governing SMSFs. An SMSF must be set up as a trust […]

Understanding Superannuation Contributions

Superannuation contributions are vital for securing your financial future in retirement. They consist of mandatory employer contributions and voluntary personal contributions that can significantly enhance your retirement savings.

For example, the Superannuation Guarantee (SG) requires employers to contribute a minimum percentage of an employee's earnings to their super fund. Additionally, individuals can make personal contributions to their super, which may be tax-deductible, allowing for greater savings potential over time.

Recent Changes to Superannuation Legislation

Staying informed about recent changes to superannuation legislation is crucial for effective financial planning. Legislative adjustments can impact contribution limits, tax treatment, and withdrawal rules.

For instance, recent reforms have introduced changes to the age at which individuals can access their superannuation, as well as adjustments to contribution caps. Understanding these changes helps individuals and businesses navigate their superannuation strategies effectively.

Strategies for Managing Your Superannuation Fund

Effective management of your superannuation fund is essential to maximize growth and ensure sufficient funds for retirement. This includes regularly reviewing your investment options and adjusting your contributions as necessary.

For example, diversifying your investment portfolio within your super fund can help mitigate risks and enhance returns. Additionally, seeking professional advice can assist in tailoring your superannuation strategy to align with your long-term financial goals.

Common Mistakes to Avoid with Superannuation

Many individuals make common mistakes when it comes to managing their superannuation, which can hinder their retirement savings. Awareness of these pitfalls is the first step toward better financial outcomes.

Some frequent errors include failing to consolidate multiple super accounts, neglecting to review fund performance, or not taking full advantage of employer contributions. By avoiding these mistakes, individuals can significantly improve their superannuation outcomes.

Tag: Superannuation