Updated life tables: Is the tide shifting for Australian life expectancies?
Australians born today are expected to live longer than Aussies born five years earlier, on average, according to the Australian Life Tables 2002-2007 (released by the Australian Government Actuary). The prospect of a longer life doesn’t see to apply however if you’re a woman in your eighties or nineties.
Warning: Government super website is incorrect and out of date
Q: I have been doing some research on the maximum amount that can be salary sacrificed for someone over 60, and would appreciate your comments on the following article, which seems to contradict other information I have read.
Should I retire? I’m unemployed and have debt
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…
Mineral Resource Rent Tax: Let’s get on with it
Historically, mining booms have attracted ‘cowboys’, opportunists and, individuals desperate for a break – a new beginning. In the early days, regions enjoying ‘gold fever’ or any other type of mining boom have often had an element of lawlessness as thousands of people would descend onto a previously sparsely inhabited area and all vie for their own ‘pot of gold’.
Good news for some in Liberal Seniors policy
At the time of writing this article, four days before the 2010 Federal Election, we are still waiting for the Liberal/Coalition policy on superannuation and retirement. Perhaps they don’t have one.
Super for beginners, part 17: Four must-knows about super’s tax rules
If it were not for tax, superannuation wouldn’t exist.
Super for beginners, part 16: Tax-free twice
When you reach 60 and start a retirement income stream you get two dollops of tax-free super. If you’re aged 60 years or over, any lump sum or income stream benefits you receive from a taxed super fund (90% of all super benefits) are tax-free.
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.
Permanent contributions cap for over-50s: what are the proposed rules?
Q: Thank you for your newsletter. I always enjoy reading it, and find it very informative. I am single and 56 years old and hope to retire at age 60. I currently salary sacrifice the maximum of $50,000 into super, (this includes the 9% super guarantee from my employer).
Making super contributions: cracking concessional cap means more tax
Q: I’m 53, put $24,700 of pre-tax contributions into my super account ($950/fortnight) with my employer also putting in about $7,000 a year. So, the super rules mean I can still salary sacrifice this $950/fortnight amount until July 2012, attracting only 15% tax, then every dollar contributed after that to my account over $25,000 attracts %30 tax.
Know your super limits: Reducing CGT via concessional contributions
Q: I am one of those people (and my wife) who made the decision years ago to invest in property rather than super. Now at 60, (wife 55) I am retired and live off my property investments. I have 14 tenants in 2 separate complexes and a separate house all in different locations. I would like to get rid of the properties at about age 65.
