Q: I turned 64 in January 2010. My understanding is that because I am under 65 for part of the 2010/2011 financial year then I can exercise the bring forward provisions and make non-concessional contributions up to $450,000 before I turn 65. Is this correct?
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Q: If an individual turns 50 years of age during the financial year, could the increased concessional contributions cap for over-50s apply, or would that individual need to be 50 for the full financial year? According to the legislation, the transitional over-50s cap applies…
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Q: I’m 59 years of age and in March I lost my job. I have since been trying to find work but due to my age I’m finding it excessively hard. After much discussion with my wife we have decided that the best option would be for me to retire. As she earns a decent wage, I am unable to receive government assistance…
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Q: If I make a personal concessional payment of $50,000 (tax-deductible) and a personal $150,000 non-concessional payment into my SMSF and my personal taxable income for 2010/2011 is $40,000, are there possible tax penalties because I’m claiming $10,000 more than my taxable income…
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Q: I am female and I will be 66 in a few weeks. My husband died in Mexico and my savings of $9,000 were used up to bring him home and funeral expenses. Since then I have been trying to save the money again but to no avail. I need urgent dental, optical treatment and since I haven’t been able to save it I have not been able to do this for three years. I currently have a super fund which dwindles by a few thousand each year, and I have yet to see it grow…
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Q: I am in partnership in a franchise business that needs some financial input at this time. We have been struggling since the beginning of the recent financial crisis, and have fallen behind on rent and we are just managing to keep up with service providers.
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Q: Can I set up a self managed super fund (SMSF) and invest the funds in a company of which I am the sole director? If yes, will the earnings of the super fund be tax free and would my drawings from the fund be tax free?
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Q: I’m finding many aspects of taxation to be quite difficult to understand. Terms such as “Tax free/ taxable component; Restricted, Preserved”. Is there one of your books that would be a useful guide to me in this undertaking?
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Q: My employer has suddenly ceased trading and despite appearing on weekly payslips, I find no super contributions have been made for over 12 months.
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Q: What steps can I take to ensure my employer contributes all I’m owed to my super fund? ‘m a non-resident who has just been refused a visa to stay longer in the country.
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Although superannuation death benefits are tax-free when paid to dependants, a “death tax” continues to apply when super monies are paid to non-dependants.
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The superannuation tax rules are not the only tax benefits that you can take advantage of in retirement. If you are aged 60 or over, your superannuation benefit from a taxed source is not included as part of your assessable income. Most Australians receive super benefits from a taxed source, unless you’re a member of one of the older public sector super funds.
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Q: My wife and I have a small business. I was told by an organisation that at 65 I could put money into super, pay 15% tax on the way in and then draw it out when I wished and pay no tax.
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Q: My SMSF super is % in account based pension began in 2009 and part % in accumulation. I am considering changing all back to accumulation and I think this is called an internal rollover? I have conflicting advice on the meaning of commutation, some sources saying it is only if you receive a lump sum payment in cash from pension.
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We are re-publishing this Q &A for the benefit of our many new readers. Q: I have worked in super for quite a few years, and have just stumbled on your website. It’s very informative, and will hopefully help consumers navigate our quagmire of a super system. Just one comment though – ASIC runs the [...]
Hi - I'm Trish Power, author of Superannuation For Dummies and many other books on super and investing.
And guess what! This site is the only INDEPENDENT website for consumers on superannuation in Australia. Learn more
