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Most people can start withdrawing their superannuation at age 60 if they have retired or left a job, and everyone can access it at age 65 whether they are still working or not. The exact age depends on your date of birth and your work situation, because super is locked away until you reach your preservation age and meet a condition of release. The ATO explains the official rules on when you can withdraw your…
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A teenager’s first bank account is usually their first real step into managing money. Whether the money comes from a first part-time job, birthday cash or pocket money, the right account teaches them to save a little and spend sensibly — without fees eating into a small balance. We checked the youth accounts on offer from Australia’s banks and compared them on interest rates, fees, debit card access and age limits. Rates and fees below…
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Yes, kids can pay tax on savings account interest — but in most families, they pay nothing at all. Whether tax applies depends on whose money is in the account, how much interest it earns, and whether the bank has your child’s tax file number (TFN). Here is how the rules work, in plain English. This article is general information only, based on the Australian Taxation Office (ATO) guidance on children’s savings accounts. It is…
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Quick answer: National Australia Bank’s full-year profit fell 13% to $6.14 billion after it set aside $1.55 billion for loans that might not be repaid — nearly double last year’s figure. The bank is still very profitable and is not in trouble, but the result is a warning sign: with the cash rate at 4.85% and growth slowing, borrowers should expect tighter lending and no quick relief on rates. NAB expects the Reserve Bank to…
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Yes, you can get your superannuation early — but only in a small number of situations set out in law. Your super is normally locked away until you reach your preservation age and retire, or turn 65. Outside those rules, early access is possible on compassionate grounds, severe financial hardship, terminal illness or incapacity, and a few other narrow grounds. This guide explains each one, who decides it, how much you can take, the tax…