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ASFA said the report noted that with the superannuation guarantee (SG) rising to 12% and more workers contributing to super for longer, the median super balanced at retirement would increase from $125,000 to over $460000 by 2060.
ASFA chief executive, Dr Martin Fahy, said: With more Australian retirees having higher super balances, the proportion of retirees reliant on the Age Pension will decline and ASFA expects half of all Australians to be self-funded in their retirement by 2050. Our strong superannuation system will allow Australia to lower the burden of the Age Pension from the current 2.7% of GDP to 2.1% in 2060-61 making it the lowest among our OECD peers.”
Australians working from home during lockdown can still buy some office items at the last minute and claim them back on tax.
The 2020-21 financial year ends on June 30, which means professionals have only two business days left to visit an Officeworks or stationery supplies store.
More than 10million Australians earning up to $126,000 are already in line to receive between $255 and $1,080 in tax cuts.
With a bit of good time management, they can get even more money back, provided receipts are kept and purchases are made before shops close tomorrow.
Those who try to get too clever, however, can face a nasty tax office audit, especially those working from home who think they can claim personal rent, car and internet costs.