Australia’s superannuation system is a cornerstone of retirement planning, designed to provide financial security in later years. However, the taxation of superannuation can seem complex. To clarify, the Australian superannuation system follows a TTE (taxed, taxed, exempt) model, meaning contributions and investment earnings are taxed, while withdrawals in retirement are generally tax-free. Key Taxation Points […]
From 1 July 2022, people aged between 67 and 75 will be able to make non-concessional and salary-sacrificed contributions to their superannuation without the need to pass the work test or satisfy the work test exemption criteria. The removal of the work test from that date also allows people aged under 75 to access the bring-forward […]
There are many compliance obligations for trustees of self managed superannuation funds (SMSFs). One of the simplest but most important is ensuring that contributions from members can be accepted into the fund. This involves reporting the tax file numbers (TFNs) of members to the ATO, ensuring non-mandated contributions are not accepted for members over a […]