Investment performance: Super funds gain 0.1% for September 2016

The median superannuation growth fund gained 0.1% in value for the month of September 2016, delivering 3.1% for the first 3 months of the 2016/2017 financial year, according to rating company, Chant West.For the 3 months to September 2016, Australian shares gained 5.2% in value. Over the same … [Read more...]

Comparing super funds: Top 20 cheapest funds for income protection insurance

Note: This article covers the best deals in super for income protection insurance. For the best deals in super on life insurance (death and disability cover), see SuperGuide article Comparing super funds: Top 20 cheapest funds for life insurance.In the past few years, insurance premiums … [Read more...]

Comparing super funds: Top 20 cheapest funds for life insurance

Note: This article covers the best deals in super for death and total permanent disability insurance. For the best deals in super on income protection insurance, see SuperGuide article Comparing super funds: Top 20 cheapest funds for income protection insurance.In the past few years, life … [Read more...]

SMSF pension payments: A little bit under may be OK

SuperGuide often receives questions from readers asking what happens if they don’t withdraw the minimum pension amount required to be paid each year from their pension account, especially when the underpayment is due to an honest mistake, or due to circumstances beyond their control.Before … [Read more...]

Non-concessional contributions: Re-contribution strategy still applies

Q: My wife turns 60 this financial year and it has always been my intention to cash out her portion of our small self-managed super fund (SMSF) and re-contribute it straight back in, so as to ensure that when she and I pass away, our children are not hit by tax. Is that still a valid strategy and if … [Read more...]

SMSF pension: Can I still make super contributions?

Q: I am 62 years of age and retired. I have recently commenced an account-based pension from my SMSF. Can I still make non-concessional contributions to that fund?A: I have divided your question into three parts.Can someone who is 62 years of age and retired, continue to make super … [Read more...]

Financial advice: Only 82 independent financial advisers in Australia

Note: This article is updated regularly when new financial advisers join the independence club (latest update October 2016). A financial adviser does not have to be a member of the IFAAA to join the SuperGuide list, provided they can declare that they satisfy the requirements of being an independent … [Read more...]

Retirement and tax: What are the minimum pension payment rules?

Q: I am 63. I want to retire next year but I am not sure if I want to access my super benefits yet. I have heard that when I retire, I must withdraw some super benefits each year, otherwise I won’t receive tax-free super benefits. Can you please clarify the rules for me?A: Your question is … [Read more...]

Minimum pension payment: At what date do you determine the age for payment calculation?

Q: I am drawing on an account-based pension from my SMSF. I turn 65 in June 2017. Will I need to draw a minimum of 4% or 5% for the 2016/2017 year, and does the minimum pension factors change for the 2017/2018 year? Or, in other words, what is the determining age, the one at the start of the … [Read more...]

Age Pension: I have moved states. Do I get the same amount of pension regardless of where I live?

Q: I have read in a local newspaper that Age Pension rates have increased. I recently moved from New South Wales to Queensland. I am anxious to know if the Age Pension increases are for ALL Australians. Can you help?A: Any increases in the Age Pension are the same regardless of where you live in … [Read more...]

SMSF pension: What happens if I don’t withdraw the annual minimum pension payment?

Q: I have my own super fund and when it came to the end of the year I was supposed to withdraw $11,000. I only withdrew $6000 and I 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 the background to your … [Read more...]

TRIPs: 10 interesting facts about transition-to-retirement pensions

SUPER ALERT! On 3 May 2016 (in the 2016 Federal Budget), the Coalition government announced that, from 1 July 2017, it intends to remove the tax exemption on pension fund earnings financing a transition-to-retirement pension (TRIP). This change, confirmed after the Coalition won the July 2016 … [Read more...]