It’s official… The expected increase to the superannuation contribution caps from 1 July 2024 has been confirmed. The fact that contribution caps will increase, while the general transfer balance will not, creates unprecedented interest quirks.
The government is seeking to legislate its payday super measure in an effort to reduce wage theft and prevent losses in retirement income. Proposals of how payday super will look has now been released.
The Australian Taxation Office (ATO) recently advised that it is introducing a ‘super health check’. The health check is 5 simple steps you can take to make your superannuation easier to manage.
Retirees who draw an account-based pension from their super need to be aware that the 50% reduction in the minimum pension drawdown rate which applied for previous years will no long apply from 1 July 2023.
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