Call it a hangover from the silly season when people look at their empty calendar and decide there’s ample time to plan the year ahead when there’s just four months left to the end of the financial year.
If you want to boost your super and make the most of its generous tax concessions, you need to keep abreast of the changes to the 2022-23 rules.
“Ensuring you are across the changes earlier in the year will give you time to implement appropriate strategies for your retirement,” says Xavier O’Halloran, director of Super Consumers Australia.
“The amount of super your employer must pay you, called the super guarantee, went up from 10% to 10.5% on July 1, 2022, and will continue to rise by 0.5% each year until it reaches 12%. This means your super contribution levels will be increasing each year.”
He says it’s important to make sure you are receiving the right amount of super. If you make voluntary concessional contributions, don’t just “set and forget”. Figure out your retirement target and see if you need to make additional contributions to reach it.
“But be aware of any tax implications that may arise if you exceed your annual contributions cap [currently $27,500]. This is particularly so for people who are near the cap and will see their super automatically increase due to the rising SG amounts.”
Another key change is you no longer need to earn a minimum of $450 a month, per employer, to get the SG. It’s now paid on every dollar you earn.
“Anyone over 18 should earn super on any ordinary time earnings. If you were affected by the threshold, check your super statements to see if you are now receiving contributions,” says O’Halloran.
ãã®èšäºã¯ Money Magazine Australia ã® February 2023 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã8,500 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã ?  ãµã€ã³ã€ã³
ãã®èšäºã¯ Money Magazine Australia ã® February 2023 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã8,500 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã? ãµã€ã³ã€ã³
Is the public market shrinking?
Australia needs a healthy stock market to give companies access to funds and to allow retail investors to build wealth.
India: three steps to transformation
Massive investment and extensive reforms turbocharge the economy.
The ballet of business
Changing direction, products, models and marketing is a hard task for a business. We chart what it takes to turn a business around, plus profile four successful pivots.
Save money and the planet
Could the high cost of living give us the incentive we need to reduce how much water and energy we use or waste? These eco-friendly household tips will help you do just that.
AI adoption is the new black
Artificial intelligence is set to reshape the commercial world, and small enterprises canât afford to miss the boat.
Spam attack! Murky laws jam our inboxes
Unwanted marketing material is one of the pain points of modern life.
From rags to riches in style
Rich Tran sported a bowl cut until he was 14 years old and had no intention of becoming a hairdresser.
New work deals are killing the 'old' office
The Covid pandemic and the subsequent lockdowns accelerated the trend to more people working from home. It was a mixed experience.
Points taken: the truth about rewards
Can hopping between credit cards really boost your frequent flyer haul and give you cheap or free travel - or is it doing more harm than good behind the scenes? Money puts it to the test.
Shortcuts to own a home
Innovative ideas with a focus on low costs and sustainability could help solve the housing crunch.