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.
SMSFs: Taking lump sums from accumulation account
Q: With a SMSF with two members both having accumulation and pensions, when you draw down pension amounts the drawdown amount reduces the pension balance in accordance with the concessional/non concessional percentages and any super contributions go into the accumulation account.
Co-contributions: Can I claim the tax-free bonus for the financial year that I retire?
Q: I’m aged 69 and I will retire in December 2010. Am I entitled to make a deposit into my super fund and receive the Government co-contribution for the 2010/2011 year?
Co-contributions: Can I claim the tax-free bonus as a property investor?
Q: I am not working but I source my income from rents derived from my property investments. Am I able to participate in the Government co-contribution scheme?
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.
Watch the (contributions) caps when super sailing
Under the superannuation rules, the annual contribution caps are indexed in line with movements in average wages. Wages have increased in the past year, but the concessional (before-tax) and non-concessional (after-tax) caps are not increasing for the 2010/2011 year.
Wearing two contributions caps
Q: Are the caps relating to ‘concessional’ and ‘non-concessional’ contributions regarded as separate? Put simply, can I contribute $50,000 concessional and $450,000 non-concessional sums (a total contribution of $500,000) to my super fund for the 2010/2011 year?
Super rates and thresholds for the 2010/2011 year
The ATO has released the contributions caps for 2010/2011 year – no change from the 2009/2010 year caps I’m afraid. The ATO has also released other updated superannuation rates and thresholds for the 2010/2011 year…
Working longer reaps tax benefits for over-55s
Q: My parents are 70 years old and still working. Can they get the Mature Age Worker Tax Offset (MAWTO), and the Senior Australians Tax Offset (SATO)? Trish’s response: The MAWTO and the SATO are subject to different tests, and [...]
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 [...]
