DIY super
DIY super is for Australians running self-managed super funds, covering the current issues facing SMSF trustees, setting up a SMSF, how to run a SMSF, investing your DIY superannuation money, getting SMSF advice, and special SMSF rules such as investing in property.
The following articles refer to DIY super and superannuation.
By Trish Power on August 30, 2010
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?
Superannuation categories DIY super Superannuation topics Age 65 and over, Cooper Review, Earnings tax, In-house assets, Non-arms length income, Private company dividends, Q&A, Related party, Self-managed super funds (SMSFs), SMSF investments, Special income, Super System Review, Tax-free super, Under 65
By Trish Power on August 30, 2010
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?
Superannuation categories DIY super, Super & tax Superannuation topics ATO, Dear Trish, DIY Super For Dummies, Grant Abbott, Max Newnham, Peter Bishell, Q&A, Restricted benefit, Self-managed super funds (SMSFs), SMSF trustee, Super books, Superannuation Australia, Tax-free component, Taxable component, Tony Negline
By Trish Power on August 30, 2010
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.
Superannuation categories DIY super, Retirement planning Superannuation topics Accumulation phase, Commutation, Income stream, Internal rollover, Lump sums, Pension phase, Pensions, Q&A, Self-managed super funds (SMSFs), Tax-free component, Taxable component
By Trish Power on August 18, 2010
Self-managed super fund trustees who own art within their super fund, or valuable coins or antiques or any other type of collectible investment can now rest easy.
Superannuation categories DIY super Superannuation topics 2010 Federal Election, Antiques, Art, Australian Labor Party (ALP), Coins, Collectibles (collectables), Cooper Review, Greens, Liberal Party, Self-managed super funds (SMSFs), SPAA, Super System Review
By Trish Power on August 18, 2010
An idea that has been around the block once or twice, is the latest Liberal policy encouraging the private sector to be involved in the financing (and presumably the building) of Australia’s infrastructure projects.
Superannuation categories DIY super, THE SOAPBOX Superannuation topics 2010 Federal Election, Bonds, Coalition, Earnings tax, Infrastructure, Liberal Party, Marginal tax rate, Self-managed super funds (SMSFs), Tax rebate
By Trish Power on August 13, 2010
Q: I have come across a statement which refers to a proportioning rule. Could you please explain to me exactly what the proportioning rule is, who it applies to and when it applies, and how you do the calculations for a SMSF?
Superannuation categories DIY super, Super & tax Superannuation topics Age 65 and over, Age 75 and over, Concessional contributions, Contribution segment, Crystallised segment, Income stream, Lump sums, Non-concessional contributions, Non-dependants, Pension, Proportioning rules, Q&A, Tax-free component, Taxable component, Under 65, Under 75
By Trish Power on August 13, 2010
It seems that many Australians nearing retirement don’t like the terms ‘retirement’ or ‘pension’. Some advisers who are recommending transition-to-retirement pensions (TRIPs) are experiencing client resistance because clients are adamant that they’re not retiring (at least not for a few more years), and they don’t want to be embarking on any strategies involving ‘retirement’.
Superannuation categories Accessing super, DIY super, Retirement planning Superannuation topics Actuarial certificates, Age 50 and over, Age 65 and over, Income stream, Pension phase, Pensions, Preservation age, Preserved benefits, Transition-to-retirement pensions (TRIPs), Under 65
By Trish Power on August 13, 2010
Q: My question is about taxation within super when a member dies. We are two members in the one SMSF, both drawing pensions. We have nominated each other as reversionary beneficiaries and benefits are to be paid to our legal estate in case the nominated reversionary beneficiary dies before the pension member.
Superannuation categories DIY super, Super & tax Superannuation topics Accumulation phase, Age 65 and over, Age 75 and over, Capital gains tax (CGT), CGT discount, Death benefit, Dependants, Non-dependants, Pension phase, Pensions, Reversionary beneficiaries, Self-managed super funds (SMSFs), Tax-free component, Taxable component, Under 65, Under 75
By Trish Power on August 13, 2010
Individuals with a terminal medical condition are able to access their super lump sum payments tax-free, regardless of age. A super fund can release super benefits to a member if they have a terminal medical condition.
Superannuation categories Accessing super, DIY super, Super & tax Superannuation topics Accessing super early, APRA, Compassionate grounds, Condition of release, Illness, Preserved benefits, Superannuation benefits, Tax-free super, Terminal illness
By Trish Power on August 12, 2010
Q: If I purchased a rental property in my SMSF for say $200,000 five years ago and the house is now valued at $300,000 in the SMSF what will be the capital base for the calculation of future capital gains tax (CGT) if I transfer the house out of the fund?
Superannuation categories DIY super, Super & tax Superannuation topics Accumulation phase, ATO, Capital gains tax (CGT), Cost base, Lump sums, Pension phase, Pensions, Property, Q&A, Self-managed super funds (SMSFs), Tax-free super
By Trish Power on August 12, 2010
Q: If my self-managed super fund (SMSF) owns an investment property, and the SMSF later sells the property, what is the amount of capital gain tax payable by the SMSF?
Superannuation categories DIY super, Super & tax Superannuation topics Accumulation phase, Capital gains tax (CGT), CGT discount, Earnings tax, Fund earnings, Pension phase, Pensions, Property, Q&A, Self-managed super funds (SMSFs)
By Trish Power on August 12, 2010
If you plan to leave your super to your adult children when you die, your death benefit may be hit with tax, even though you would have received that benefit tax-free (if aged 60 or over) while you were alive.
Superannuation categories DIY super, Retirement planning, Super & tax Superannuation topics Death benefit, Death benefit dependant, Dependants, Interdependent relationship, Life insurance, Medicare levy, Non-dependants, Public sector, Spouse, Superannuation lump sum death benefit, Tax-free component, Taxable component, Taxed element, Under 18, Untaxed element
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Hi - I'm Trish Power, author of Superannuation For Dummies and many other books on super and investing.
