2012 checklist: 10 super tips for a financially healthy retirement
Use this list as a kick-start for your 2012 super resolutions. You may not keep all of your resolutions, but if you do just a handful of the tasks listed in the checklist below, you can strengthen the chances of a financially secure retirement.
Is super pension income considered ‘assessable income’ or ‘total income’?
Q: Can you clarify whether income from a pension (from a taxed and/or untaxed super fund) is considered ‘assessable income’ and/or part of ‘total income’? Is it considered self employment income or employer income?
Does my superannuation pension income affect tax payable on other income?
Q: How does the income from an account-based pension affect taxation payable on other income received from salaries, dividends, capital gains and investments? Or, is there no affect whatsoever regardless of the amount of pension taken in any one year [...]
Super contributions beyond the age of 75
Q: If the SG contribution age limit is being removed completely effective July 2013, does this mean that additional concessional or non-concessional contributions can also be made by those aged over 75?
How does my super benefit affect my Age Pension entitlements?
Q: When I retire I will be 61 and my husband will be over 65 and will be eligible for either a full or part old age pension. If I keep my super in an accumulation account and withdraw lump sums to cover additional living expenses, how will this effect my husband’s pension benefits? Is this the best way to maximise our retirement funding?
Is my super pension income counted when applying for the Commonwealth Seniors Health Card?
Q: I have searched numerous websites but cannot find a simple answer. I intend starting my allocated pension next month when I turn 64 but can’t find out if I am entitled to the Commonwealth Seniors Health Card.
If I’ve reached preservation age can I claim my super?
Q: If you are living in New Zealand and you have super which has been sent to the ATO, and you have reached your preservation age, and you have retired, is there any reason you would not be able to claim your super directly from the ATO?
Can we run our business overseas if we are ‘retired’?
Does it affect our “retired” status for superannuation if we are running our own business overseas which has no connection at all to Australia?
Can I put my super into a bank account?
I am not in a self managed super fund. Can I put my superannuation balance into a bank account to get around 6% until I retire in 2.5 years?
Upper limit on SG contributions
Q: Can you please advise the 2010/2011 cap on earnings for the maximum superannuation contributions base?
SMSFs: What is the proportioning rule?
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?
