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Chase Edwards, Superannuation, Updates

The Income Tax Cut & Your Super

 December 7, 2020

By  Chase Edwards

57% of Australians will be saving the income tax cut they received in this year’s Federal Budget.
Wealth management group, Colonial First State, undertook research which found that 6% of Australian’s intend to contribute their additional take home pay to their superannuation.

Those looking to use these funds to top up their super were predominately aged between 55-64 years old.

Interestingly enough 16% of the research respondents used the Government’s early release of super scheme, of which the highest proportion of early super withdrawals were aged between 25-44 years old.

With the statistics so high for young Australians, the early access of super may have been utilised as a way of coping financially through the recession from potential income loss.

One could conclude that Australians who withdrew super that are closer to retirement are making building their superannuation a priority, whereas particularly younger Australians are not. 

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