Expat Chat Episode 88 – What Are The New Super Changes For The 2024 FY
Welcome to the eighty eighth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat.
In today’s Expat Chat we talk about the new super changes which are now in effect for the 2024 financial year.
These changes impact current contribution amounts and caps, superannuation balances as well as what we can have in account based pension mode.
The recent changes allow Australians to get more into their Superannuation funds, which is great news yet indexation was not applied to a lot of contribution types.
We also discussed the notion of ‘Use it or lose it’ which applies to the catch up concessional contribution strategy, which has been in place since the 2019 financial year.
Lastly, the downsizer contribution eligibility age has now been dropped to 55, which gives expats a greater chance to boosting super before age 60.
Discussion Points on Todays Podcast Episode
In this episode we run through the following topics:
What the Transfer Balance Cap (TBC) is?
The changes applying to the TBC and what it means for those last minute contributions.
What the indexation means for the Concessional and Non-Concessional contribution caps?
An example of the catch-up concessional contribution strategy in practice
How the downsizer contribution operates and what the opportunity means for expats, as well as a brief client example.
Links that we discussed in this episode include:
- Atlas Events – https://atlaswealth.com/events – https://atlaswealth.com/events/
- Facebook Group – Don’t forget to join our Australian Expat Financial Forum Facebook Group – https://www.facebook.com/groups/Australianexpatfinancialforum
- Ask Atlas – Have your questions answered on the podcast by clicking this link – https://atlaswealth.com/news-media/australian-expat-podcasts/questions-or-feedback-for-the-expat-podcast/
- Expat Mortgage Podcast – https://atlaswealth.com/news-media/australian-expat-podcasts/expat-mortgage-podcast/
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