Please speak to us if you’re interested in growing your retirement savings, or you would like to clarify the administrative requirements for these contribution types and the tax savings available to you.
We’ll cover some other Special Purpose contributions in a future article.
Investment Scam Warning
There has been a lot of media coverage recently about investment scams and I’m sure you’ve received emails and text messages asking for personal details or to click on a link.
It is important to think before you respond. If you have any doubts at all make a phone call to the institution concerned (using a publicly listed phone number) to confirm if it is legitimate.
If you receive an unprompted call from someone, don’t provide personal information over the phone and be suspicious if they ask for access to your computer, want you to make a fast decision or they have offered something that seems too good to be true.
Make a habit of regularly checking bank and credit card activity so that any problems are identified as soon as possible.
Prior to making any payments online confirm that the account number is correct with the business and if you have any suspicions call your bank straight away.
Both MoneySmart and the Australian Taxation Office have information available to help protect you from scammers. Search ‘scams’ on the following websites:
Pension Minimums Increasing
Minimum pension amounts required to be withdrawn for the year ended 30 June 2024 have returned to pre-COVID percentages from 1 July 2023. The percentage that applies is based on the recipient’s age at 1 July 2023 as per the following table.