How does super work?Types of superEnough super?Account-based pensionTransition to RetirementSurviving a market crashABP and age pensionConsolidate superWhat fees do I pay?Salary sacrifice contributionsGov co-contributionsSG contributionsSpouse contributionsPersonal contributionsDownsizing contributionsLow income offset

How does super work?

 

 

 

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What types of super are there?

 

 

 

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How much super is enough?

 

 

 

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Account-based pension

 

 

 

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Transition to Retirement (TTR)

 

 

 

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Will my super survive a market crash?

 

 

 

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Will my account-based pension impact my age pension?

 

 

 

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Consolidating super

 

 

 

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What fees do I pay in my super?

 

 

 

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What are salary sacrifice contributions?

 

 

 

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What are government co-contributions?

 

 

 

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What are superannuation guarantee contributions?

 

 

 

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What are spouse contributions?

 

 

 

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What are personal contributions?

 

 

 

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Downsizing contributions?

 

 

 

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Low income tax offset

 

 

 

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First Home Super Saver Scheme (FHSSS)

The maximum releasable amount

The Government will increase the maximum releasable amount of voluntary concessional and non-concessional contributions under the FHSSS from $30,000 to $50,000 if legislation passes.

The Pension Loan Scheme (PLS) currently allows a fortnightly loan of up to 150% of the maximum rate of age pension to boost a person’s retirement income by unlocking capital in their real estate.  Interest is compounded fortnightly at 4.50% p.a., and any debt under the scheme is paid back when the property is sold or the person dies.

From 1 July 2022, the Government will introduce no negative equity guarantee.

Borrowers under the PLS, or their estate, will not owe more than the market value of their property should their accrued PLS debt exceeds their property value. This brings the PLS in line with private sector reverse mortgages.
Immediate access to lump sums under the PLS Eligible people will be able to access up to two lump sum advances in any 12-month period, up to a total value of 50% of the maximum annual rate of age pension (currently $12,385 for singles and $18,670 for couples).