How does tax work in Australia?
The Australian tax system works by charging a higher tax rate for those who earn a higher income. It is a marginal income tax system.
Which expenses are tax deductible in Australia?
In Australia, amongst other things, one rule is that the tax expense that you have already paid must be directly related to earning income. You also need to keep a record of the expense to prove you have paid for it!
Superannuation Death Benefits
When you die, your super balance can be paid to a dependent, like your partner or children, or a non-dependent.
What is a transition to retirement strategy (TTR)?
A transition to retirement strategy is a superannuation account-based income stream that can be started when a person reaches their preservation age.
How to Access / Withdraw Money from Superannuation
How to Access or withdraw my super? Australia’s Superannuation system was designed to fund the retirement of our growing population, so, typically, we cannot access or withdraw super until we retire.
Insurance Inside Superannuation
Inside super, you could have three types of insurance: Life insurance, TPD (“any”) and income protection.
SMSFs Explained (self managed super funds)
A self-managed super fund or SMSF is a special type of super fund, which can have up to four members who are also ‘trustees’.
How do I change super funds?
The easiest way to find all of your lost superannuation accounts is to head to the my.gov.au website and link your account to the Australian Tax Office, or ATO. You can then transfer your old super balance to your new super fund on the my.gov website.
Explained: Understanding your Super fund’s fees and costs
Explained: Understanding your Super fund’s fees and costs: Jenny Jingle’s super fund charges 2% in yearly fees (including investment fees, administration and indirect costs). Billy Bob’s super fund charges 1.75%. Whose super fund is better?
Self-Employed (ABN) Superannuation
If you are self-employed, you can make personal contributions to a superannuation fund as a long-term retirement strategy – and claim a tax deduction.
Salary Sacrifice & Super
Salary sacrifice is a strategy used to divert money before income tax has been paid or withheld. It is commonly used in a superannuation accumulation strategy to direct money straight from an employer to an employee’s superannuation fund.
How to add money to superannuation
There are two simple ways to contribute or add money to superannuation.