Introduction

As the COVID-19 virus took a sledgehammer to the economy, the federal government rapidly introduced a range of initiatives to help individuals who lost income as a result of the measures taken to control the virus.

One of those initiatives was to allow qualifying individuals access to a portion of their superannuation to help them meet their living costs. Withdrawals are tax free and don’t need to be included in tax returns. Most people can withdraw up to $10,000 in the 2019/2020 financial year and up to a further $10,000 in the 2020/2021 financial year.

Introduction

If the ins and outs of superannuation leave you confused, the answers to these frequently asked questions will help you understand the basics.

Introduction

Superannuation statements. Boring, right? But if, like many people, you toss your annual super statement in a drawer or hit delete, you could be depriving yourself of many thousands of dollars just when you need it. So it’s worth the small effort to take a closer look at your superannuation statement. If everything is in order, you’ll get a warm glow from watching your nest egg grow. Conversely, a quick check of your statement may reveal some of the common problems that occur with super; and the sooner these are fixed the quicker your savings can increase.

What to look for

Introduction

Despite frequent changes to its governing rules, superannuation remains, for most people, a tax-effective environment in which to save for retirement. Here’s a quick Q&A on the what, why and how of contributing to superannuation from this point on.

A successful super contribution strategy can mean the difference between looking forward to retirement and dreading it. This article is provided as an overview. Super is a complex area and further rules apply in some situations. Getting things wrong can be costly so talk to your qualified financial planner, and get the right advice on the best ways to boost your super.

Introduction

If you pay close attention to the value of your superannuation fund, and if, like most people, your money is spread across the main investment classes, you would have noticed that your retirement savings can both rise – and fall - in value. This can lead to some nervous times, particularly if you are close to or already in retirement.

What causes these ups and downs and can you do anything about them?

Introduction

Although it’s constantly reported on in the media, many Australians do not fully understand superannuation jargon. We’ve identified some of the most common terms and explain them in language everyone can understand.

Introduction

The Superannuation Co-contribution Scheme started in 2003/04 to encourage us to make personal contributions to superannuation. It was targeted at low to middle income earners and has been improved progressively since then.

In 2018-19, more than 329,000 Australians claimed over $104 million in co-contributions. A lot of people are taking advantage of this opportunity.