Q: How do you change your self-managed super fund (SMSF) from accumulation phase to pension phase (husband aged 60 not working) and transition to pension phase (myself aged 57 and still working part time)? If an accountant has to do it, what costs could be involved? Your site has been [...]
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Q: I recently read your book on DIY Super for Dummies and picked up a number of useful hints. Thanks for writing it. My wife and I have only recently established a SMSF and are on a steep learning curve. However there is one question which, to date, I have [...]
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Q: I have a rental property unit I owe approximately $190,000 to the bank and I would like to know if I can invest my $60,000 super into the unit to reduce my payments to the bank?
Superannuation is subject to special access rules called preservation. What this means is that you [...]
Q: I am 53 years old. I do not contribute to super and I have never been a saver. I have just paid off my unit. My question is: I earn only $37,000 a year, so I have never had a highly paid job. Is it too late for me [...]
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Q: Hi I am 58 years old. Apparently you can get a lump sum of super before 60 if you have permanently retired. Can you still later look for work again? How do you prove you have permanently retired?
The question that you ask is in the top 10 questions that [...]
Q: Under the 2-year bring-forward of non-concessional contributions, if a person makes a contribution of $150,001 when age 64, he can continue to contribute the balance of the $450,000 anytime during the next 2 years without having to satisfying the work test, is that right?
The short answer is no, even [...]
This article is a must-read if you make contributions to a super fund, in addition to your employer’s compulsory Superannuation Guarantee contributions.
Hundreds of thousands of Australians who are making a serious effort to save for retirement are expected to receive a financial shock after the financial year ends in [...]
Q: I am an Australian citizen living in the UK and I have an Australian super fund accumulated from 1986-1992 and now growing with investment earnings over time. Additionally, I continue to hold bank accounts in Australia. I am 52 and I intend retiring at age 60. When I [...]
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Q: I am 41 years old and my partner is 56 years old. We have a very big mortgage as we are both the casualties of wealth destroying divorces and single parenthood! Thus we intend to pay off our mortgage before putting more into our superannuation which will therefore be after [...]
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Q: I have my own super fund and when it came to the end of the year I was supposed to withdraw $6,544. I only withdrew $6000 and can catch up this year. Is this a reportable breach to the Tax Office?
For the benefit of other SuperGuide readers, I’ll first explain [...]
I am writing this short article to provide some context to the articles that have appeared in the Australia Day weekend newspapers about the Henry tax review. Although the Henry tax review report is not a public document the Government has deemed it appropriate to ‘leak’ the [...]
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In early February 2010, the Federal Government released a report reminding us that Australia’s population is growing, causing increased pressure on infrastructure such as housing, telecommunications, schools, energy, water and transport. Our growing population is also disproportionately ageing creating additional pressures on government spending, in particular, spending on [...]
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The self-managed super fund (SMSF) sector is “in pretty good shape” according to Jeremy Cooper, chair of the Super System Review.
Speaking at a SMSF industry (SPAA) conference on 18 February 2010, Cooper stated that, on average, SMSFs have become cheaper to run as SMSF account balances have grown, while still maintaining [...]
Q: I will be 60 in January 2011. Is the compulsory 4% drawdown from my super pension treated on a pro rata basis for my tax return 2010/2011 year, or can I draw it down after January 2011 rendering my super income after 60, tax-free? Thank you also for [...]
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And SuperGuide has the list!
It’s taken some time but a handful of motivated licensed financial advisers have finally raised the bar and demanded that… wait for it… licensed advisers provide independent advice in the best interests of clients.
I can hardly believe it myself, but according to Matthew Ross, the co-founder [...]
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more
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