Expat Chat Episode 88 - What Are The New Super Changes For The 2024 FY

Expat Chat Podcast

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. In this episode we run through the following questions: • 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/ • 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/ If you like the content make sure you let us know by hitting the thumbs up and subscribing as well as providing some feedback in the comments below. Atlas Wealth Management is a specialist in providing tax financial planning advice to every Australian #expat. Whether you are based in Asia, the Middle East, Europe or the Americas, we have the experience in providing wealth management and planning services to the expatriate community. Atlas Wealth Management was born out of the demand from expats who wanted a financial adviser to help them navigate the tax and financial maze of living abroad as well as assisting them make the most out of their time overseas. To find out more about Atlas Wealth Management and how we can help Australian expats please go to https://www.atlaswealth.com. Make sure you connect with us on our respective social media channels: Facebook: www.facebook.com/atlaswealthmgmt LinkedIn: www.linkedin.com/company/atlas-wealth-management Twitter: www.twitter.com/atlaswealthmgmt Instagram: www.instagram.com/atlaswealthmgmt