Superannuation assets increased by 1.1 per cent over the past year to around $3.5 trillion at the end of March 2023. This reflected a rebound in financial markets over the December 2022 and March 2023 quarters and continued strong contribution inflows.
In its annual awards ceremony on 17 May 2023, Chant West named UniSuper as its Super Fund of the Year for the second year running. In 2022, its first year as a public offer fund, UniSuper won the top all-rounder gong awarded by both Chant West and SuperRatings.
A value limit is set when the pension begins, and is not adjusted by value fluctuations or pension drawings. From 1 July 2023 for 2023-24 the transfer balance cap is $1.9 million. The transfer balance cap limit from 1 July 2021 for the 2021-22 and 2022-23 years is $1.7 million.
The super guarantee rate goes up in July 2023
From 1 July 2023, this will increase again, and all employers must pay all employees entitled to super 11% of their salary. To make sure you're getting paid all the super you're entitled to, log in to your super fund's website and check your account.
Superannuation Guarantee
The rate of compulsory super that employers must pay eligible workers rises from 10.5% to 11% from 1 July 2023. Under the current legislated timetable, the Super Guarantee (SG) rate will continue to rise incrementally by 0.5% each financial year to 12% by 1 July 2025.
From 1 July 2023, the super guarantee increases from 10.5% to 11%. Further increases of 0.5% are scheduled each financial year until 2025 when the rate reaches 12%.
More strategies for your best year yet
Take a break from technology to prevent burnout, being intentionally present. Practice mindfulness or meditation to stay grounded, or read a book. Invest in yourself by taking classes or investing in resources to help you reach your goals.
ASFA's March quarter 2023 figures suggest that single people will need $50,004 in retirement savings per year for a “comfortable retirement”, and couples will need about $70,482 per year.
If you're close to or already in retirement, you'll have less time for your super to recover after a recession. However, this doesn't necessarily mean you should rush into changing your investments. If you have your super in a balanced fund, a lot of these will automatically be adjusted in line with your age anyway.
If you transfer more than $1.7 million, you'll generally be liable to pay 15% tax (or up to 30% tax if you've gone over before) from the day you go over the transfer balance pension cap. You'll have to take the excess money out of your pension account; your options for doing this depend on the type of account you have.
The government announced from 1 July 2025 a 30 per cent concessional tax rate will be applied to future earnings for superannuation balances above $3 million.
If you need help to work out how much super you need to pay for your employees and eligible contractors after 1 July, you can use our super guarantee contributions calculator. The SG rate is scheduled to progressively increase to 12% by July 2025.
How Much Can I Put into Super in a Lump Sum 2023? You can put a lump sum of at least $110,000 into superannuation, which is the general non-concessional contribution cap. However, you can often put in much more using the concessional contribution cap, bring-forward rule and carry-forward rule.
The Wealth star lands in the South sector in 2023. It is recommended to install a water feature in the South corner of your residence.
U.S. equities may disappoint in 2023, but patient investors can find potential income and returns in other markets. A grueling bear market, touched off by decades-high inflation and an aggressive Federal Reserve response, made 2022 one of the most challenging years for investment returns in the last half century.
While banks are insured by the FDIC, credit unions are insured by the NCUA. "Whether at a bank or a credit union, your money is safe. There's no need to worry about the safety or access to your money," McBride said.
As a general rule, most people will need 70% of their take home pay to maintain their lifestyle in retirement. And since we're living longer, which is great, your super may need to last for 30 years or more after you retire.
Though Fed policymakers skipped an 11th successive increase to the federal funds rate—the borrowing rate for commercial banks and credit unions—at their June meeting, officials revised the 2023 peak rate projection up to 5.6% from the 5.1% target projected in March.