Superannuation

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The APRA 2024 Annual Performance Test released on August 31 has revealed significant trends in superannuation, including a drop in administration fees. Additionally, for the first time, no funds failed. Learn more about the test and our key insights here.

Superannuation is one of Australia’s largest pools of personal savings and a powerful tool for your financial future. Understanding what it is and how it works is crucial. Recently, updates to superannuation came into effect on July 1, 2024.

Is it worth buying property through your superannuation? Depending on your circumstances, it may be a smart move, promising the potential for long-term financial growth and security. However, it’s important to consider the benefits and the drawbacks.

Are you wondering about your superannuation after you’re gone? Here are our insights on the distribution process after death, including beneficiaries and tax implications, to ensure your assets are handled as you wish.

What would you do with a little extra space in your monthly budget? You could save for the dream car, but why not make this surplus work harder for your long-term financial well-being by investing it in your mortgage or super? And, which of those options is best?

It was good news for retirement preparation in February when it was announced that there would be an increase in superannuation contribution limits. The changes may unlock new pathways for you on the pathway to wealth.

Marriage is a lot like a rollercoaster – fun and rewarding but also full of twists and the occasional head-scratching moment. If you’re building wealth together on this ride, you might be wondering about making contributions to your spouse’s superannuation.

Picture this: you and your partner, hand in hand, stepping into a future filled with financial freedom and shared dreams. And when it comes to those aspirations, superannuation strategies for couples play a pivotal role.

While investing in property with superannuation is a popular strategy that can be successful, it can also go terribly wrong. At First Financial, we help you make informed decisions regarding SMSF and long-term investments, so let’s review some potential pitfalls.

Are you planning on making a voluntary super contribution? If you want to have it counted in the current financial year, your superannuation fund must receive your contribution no later than June 30, 2023.

Superannuation grants access to a financial haven where investments flourish under a maximum tax rate of 15%. For a smooth transition to retirement and a brighter financial future, here are some super strategies to consider this EOFY.

While defined benefit funds are no longer open to new members, some Aussies who are nearing retirement are members of those funds – and here we explain the difference between defined benefit plans and accumulation super funds.

The change in superannuation downsizing limit is a key driver in helping older Aussies to boost their income in retirement. Here’s how the lower age limit can benefit your retirement.

Depending on how you look at it, superannuation can be a legal tax haven. Yes, you read that right! You don’t have to move to the Cayman Islands to realise your tax haven dreams – your superannuation fund can get you started!

This is the second article in a two-part series about superannuation through generations, covering how to tackle superannuation in your 50s, 60s and 70s.

Have you thought long and hard about your superannuation? In the first instalment of this two part series, we discuss everything you need to know about superannuation in your 20s, 30s, and 40s.

Your “retirement gap” is the difference between the income you’ll need to live a happy and fulfilling life in retirement and the money you’ll receive from your retirement income. Ask us about closing your retirement gap.

Perhaps one of the biggest decisions you’ll have to make about your SMSF is how many members it will have, and in most states and territories you can now have six.

Many choose to set up an SMSF to gain better control over their retirement savings. The SMSF set-up process is being changed and refined all the time, and it’s important to stay on top of the various regulations surrounding SMSFs if you have one or are planning to set one up.

Do you know how to salary sacrifice into super? It is a popular way to make concessional (before-tax) contributions to your superannuation. As the name suggests, you forgo some of your regular income so that you can boost your retirement funds.

Did you know that ​​as of the end of the June 2021 quarter, the total balance of Australian superannuation assets totalled $3.3 trillion? Understanding the different types of super funds is the first step in making sure you select the most appropriate fund for your needs.

As you get closer to retirement, boosting your super balance is always at the top of the financial to-do list. If you happen to receive a financial windfall or sell a significant asset, applying the super contributions bring-forward rule could be a useful strategy.

If you are a business owner, it’s important that you are familiar with the Government’s small business capital gains tax (CGT) concessions. The concessions can offer significant financial benefits, depending on your personal situation and how long you’ve owned your business.

Do you know how your superannuation is performing? Have you taken some time to review your fees or check that you are on track to reach your financial goals before retirement?
Here are our five steps to help you do a super health check.

Superannuation is a critical part of making sure you are financially prepared for retirement. But there is more to it than just saving for the future… there are a lot of superannuation benefits that you can access if you are with the right fund and structure your super effectively.

In the May 2021 Federal Budget, the Government announced their intention to remove the superannuation work test rule. But until that happens the current work test will remain the same. We take a closer look at existing rules and explain more about the work test exemption.

Taxes… they are one of the two certainties of life. You can’t avoid them, but there are ways to reduce your liability… especially when it comes to capital gains tax. We look at strategies within your super to help minimise the amount of CGT you pay when you successfully sell your assets.

The Federal Government announced a broad range of stimulus benefits… but there is one measure that should be considered carefully before being utilised… withdrawing from superannuation.

As the workforce changes, many people are regularly moving between jobs… and with every new employer, it’s not uncommon to leave the set-up of superannuation to the accounts department.

If you have a self-managed super fund, there are good reasons to think about bringing in a younger person. It’s not the right strategy for every SMSF but it is definitely worth considering, particularly to extend the life of the SMSF.

Couples can maximise their superannuation and also benefit from tax incentives and estate planning when they use these strategies to share their super.

We hear a lot about the gender pay gap… and we know that women tend to retire with far less in their superannuation accounts when compared to men.

On the 1st of July 2019, a range of government changes to superannuation came into effect. Although announced some time ago, they are now applicable and can be utilised according to their specific terms.

Each financial year presents an opportunity to action tax effective strategies… and there is nothing quite like a deadline to turn good intentions into strategic actions. With just over a month left until the 30 June deadline for the 2018/19 financial year

The small steps you take today to boost your super can have a big impact on your future. When utilised fully and structured correctly, superannuation can help you reach your financial goals and approach retirement with confidence and certainty.

Borrowing to buy property through your super is a popular investment strategy for people in the wealth building stage of their lives that can receive special tax treatment. Watch First Financial Principal Ben Rossi

The superannuation industry is in the hot seat right now as the Royal Commission into banking turns its attention to this $2.7 trillion sector. In this blog, we take a look at how to get the most out of your super.

If you’re a retiree selling the family home and looking for a way to maximise the proceeds, then from 1 July 2018 there’s a new option to consider. You can choose to contribute up to $300,000 from the sale proceeds into super.

Many people consider self-managed superannuation funds (SMSF) as the do-it-yourself option but don’t be fooled into thinking managing your own super is easy. SMSFs are complicated and they operate in a highly regulated environment.

To most people that question will sound like gobbledegook, but you’d be surprised by the number of times I’ve heard it asked at a dinner party. Of course, Australians love investing in good old bricks and mortar.

You’re the wrong side of 40, and suddenly the day, when you can access your superannuation, doesn’t seem so far away. But are you satisfied with your current plan for the transition from working life to a happy and secure retirement?

Up to 1 July 2013, the ATO supervisory levy has been paid for the financial year to which the self managed super fund annual return relates to.