With all the new year pandemonium going on, your super is probably the last thing on your mind. However, this is a great time to think about implementing some strategies to give your super a healthy boost.
If you are a high income earner, there is a real chance that you could pay excess super contributions unintentionally and become required to pay excess tax. To avoid this consequence, laws have been passed so that eligible high income earners can opt out of the super guarantee regime.
Running a business and managing employees and cash flow can be tough for business owners. Struggles to meet their super guarantee obligations is often added on top of that. A bill has now been introduced to allow employers to self-correct any errors without penalty.
Self Managed Superannuation Funds (SMSF) can be a great option for building retirement savings, but they may not be suitable for everyone. Before you make the jump, consider the differences between SMSFs and other types of funds to help you make an informed decision.
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