Bongiorno and Aware Super believe it is beneficial for our clients to have a good understanding of the key aspects of their Aware Super and become more engaged with your superannuation.

The Transfer Balance Cap (TBC) is a limit imposed on an individual’s superannuation balance that is available to start a pension.

Superannuation can only be accessed when you reach your “preservation age”. For most of us, that is from the age of 60.

A handy EOFY checklist to help you finalise the financial year and plan for the new year

Employers: Single Touch Payroll (STP) allows employees to access their finalised Income Statements from their myGov account after you have processed a Final event for the 30 June 2024 year.

Carry forward your unused superannuation concessional contributions cap at 30 June 2023 if your total super balance is less than $500,000.

Consider bringing forward the equivalent of 1 or 2 years of annual superannuation concessional contributions from future years.

In recent years, there has been much attention to the growing gender Superannuation gap, with women lagging far behind men in retirement savings.

On June 30th this year, any unused Superannuation concessional contribution limits from the 2018-2019 financial year will be unable to be used in the future.

In the 2023-2024 financial year, the concessional contribution cap is $27,500 and the non-concessional contribution cap is $110,000.

From the 2025-26 income year onwards, the headline concessional tax rates applying superannuation earnings.