Pollock Financial Planning

Employer Superannuation Changes

Will 10% employer super contributions be enough for your retirement?

From 1 July 2021, employers are required to increase current superannuation guarantee contributions from 9.5 to 10%. But will this be enough to generate the income you want in retirement?

This change will also coincide with an indexation on the pre-tax concessional contribution limit from $25,000 to $27,500pa, which employer contributions also count towards, and contribution options are more flexible than ever.

Are you maximising your future retirement wealth and tax benefits received by setting funds aside for your own future needs? If not, or you aren’t sure what you will require in the future, then start a conversation today with one of our advisers and contact our office on 07 3350 1255.

Insurance in Super, do you have it and how much are you now paying?

Have you heard that most super funds are raising premiums and that some have increased by as much as 60%?

A substantial premium increase can quickly eat into the future value of your retirement assets.

Your superannuation fund will be one of your largest financial assets accumulated over a lifetime. Reviewing your super and insurance needs now can help determine if the cover needs to be
decreased/increased, cost effective for your needs, and what options you have in relation to protecting you and your family long-term.

Get in contact with Po***ck Financial Planning now to start a conversation today.

Another financial year has now passed and individual’s should be considering matters associated with tax returns, particularly if a refund is a possibility or you are retired.

If you are retired and hold either direct shares or a managed investment in your name, please make sure you are claiming back the franking credits attached to any Australian share dividend payments associated with these investments. This is particularly important if you are retired, as you may not already be completing a tax return. The ATO has a simplified process that can be followed obtain a refund:
https://www.ato.gov.au/uploadedFiles/Content/IND/downloads/Refund-of-franking-credits-instructions-and-application-for-individuals-2020.pdf

Unsure what is involved, or haven’t reviewed your personal and financial position for some time? Please contact our office on 07 3350 1255.

www.ato.gov.au