Power Financial Planning Pty Ltd

The Division 296 tax is still a quasi-wealth tax

While the latest Division 296 draft legislation may have dispensed with an unrealised capital gains tax component, it still has the whiff of a wealth tax about it. That’s because the effective tax rate on earnings, including any realised capital gains, is tied to the Total Superannuation Balance (TSB) and not just the earned income itself.

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The Division 296 tax is still a quasi-wealth tax The latest draft legislation may be an improvement but it still has the whiff of a wealth tax about it. The question remains whether a golden opportunity for simpler and fairer super tax reform has been missed.

Wishing you all a Merry Christmas and a Happy New Year from everyone at the Power Financial Planning Team

Age Pension means tests: What counts, and why it pays to check again

Understanding your Age Pension eligibility and what you’re entitled to can feel like a big puzzle, but it’s a really important piece of planning for a secure retirement. Every Australian deserves clear, easy-to-understand information to help them make the best decisions. So, let’s consider the key factors that determine your Age Pension and help you see what might be waiting for you.

Age Pension means tests: What counts, and why it pays to check again Understanding your Age Pension eligibility and what you're entitled to can feel like a big puzzle, but it's an important piece of planning.

Is it worth salary sacrificing into super?

We're all familiar with the concept of super. It's that portion of our salary that employers are required to contribute to a super fund on our behalf, with the goal of providing us with financial security in retirement.

But what not everyone is aware of is that relying solely on your employer's contributions might not be enough to ensure a comfortable retirement. That's where salary sacrificing into super comes into play.

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Is it worth salary sacrificing into super? We explore the ins and outs of salary sacrificing into your super and help you determine if it's worth considering as part of your financial strategy.

Can you still work and get the Age Pension?

Retirement isn’t always a full stop to earning income. Plenty of older Australians keep working — some for financial reasons, others for social connection, personal fulfilment, or simply because they enjoy it.

But how does paid work affect the Age Pension? That’s where things can get confusing. The current system is often criticised for being complex and, at times, discouraging older people from staying in the workforce.

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Can you still work and get the Age Pension? Retirement isn’t always a full stop to earning income. Plenty of older Australians keep working — some for financial reasons.

Your top 3 super questions answered

We’ve put together the answers to three of your most asked questions, so you can stay on top of your super and feel confident for the future.

During Insignia Financial Group’s trustee super funds recent FY2024 Annual Members’ Meetings, members asked a wide range of questions. We've narrowed them down to the top three most popular questions. Read on to see what’s on our members’ minds. The answers provided reflect the presentations by the panellists during the meetings.

Your top 3 super questions answered We’ve put together the answers to three of your most asked questions, so you can stay on top of your super and feel confident for the future.