Understanding the tax DNA of a super benefit
A superannuation benefit can be made up of two components — tax-free and taxable, which is more straightforward than the rules that applied before July 2007. Before July 2007, taking a super benefit involved up to eight different benefit components.
Accessing super to buy property: part two
Q: I am 55 years of age. Can I use my super to purchase my first home in Australia? The answer is no, and yes. You must satisfy a condition of release to access super and wanting to buy a property to live in, is not considered a condition of release.
Accessing super to buy property: part one
Q: A few years back my wife and I owned six homes, five here in Australia and one in NZ, where we were caught out by a marketeer over an investment. We lost it all. Not good when you consider we are in our 50s.
Gone missing! Have you checked your super lately?
If you have a few spare moments, I suggest you contact your superannuation fund and ask the person on the other end of the phone to verify your superannuation account balance, and confirm that no one has withdrawn any of your super cash lately.
Superannuation Guarantee: Do we have to pay SG for overseas workers?
Q: We have a girl working for us who is on an English working visa. She doesn’t have super at home in England but do we have to pay her super while she is working for us? If yes, how do we go about it?
Preservation age: I’m 58. Can I withdraw my super benefits?
Q: Can you please tell me whether I can withdraw my super benefits when I retire at age 58? This answer assumes that your super benefits are preserved, and the answer to your question depends on your date of birth.
Super for beginners, Part 9: If I retire and take my super, can I return to work?
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 [...]
Retirement unlocks your super
In the hype and hoopla surrounding the latest super changes – primarily tax-free super benefits for over-60s, many of the promoters in the marketplace forget to mention the magic words “preservation rules”. The rules surrounding accessing your super have not [...]
Turning 60 means tax-free super
Q: I turned 60 this year and I have been sick since late last year, so I can’t get back to work and need to retire. I am wondering if you can tell me what kind of tax I have [...]
Relief in hard times for retirees
Note: The pension relief explained below now also applies for the 2009/10 year. You can find more information on the 2009/10 pension relief in the article Pension drawdown relief extended for 2009/10 year. The Federal Government has announced temporary relief [...]
