Do I pay tax on a super account in the last year of accumulation phase?
Q: On April 1 2011 I transferred from accumulation phase to pension phase (I turned 65 on March 27 2011). Is my super fund subject to tax (this tax year) on income earned up until the date of conversion or is no tax payable because the fund has been converted to allocated pension?
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?
SMSF confidential: the inside story on DIY super funds
SMSFs outperform large funds even in difficult investment climates, according to the latest ATO report on SMSFs. If that news isn’t confronting enough for the non-SMSF super industry, add the fact that SMSF members are also richer (and older) and have larger account balances.
Case studies: Am I eligible for the Age Pension?
Around 80% of retired Australians receive a part or full Age Pension which means most Aussies considering retirement will need to understand how the Age Pension rules operate. This article contains three case studies illustrating how the Age Pension works in practice.
CGT calculations for SMSFs
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?
Non-concessional contributions: Re-contribution strategy still applies
Q: My wife will turn 60 later this year and it has always been my intention to cash out her portion of our small self managed super fund (SMSF)…
SMSF pension: How do I calculate my minimum pension payment?
Q: I run our SMSF. I am 51 and I wish to retire at 55. I am a little confused about the 4% minimum rule for pensions. Do I have to withdraw 4% of my total accumulation SMSF fund, or do I move some of the assets into a pension fund and then draw 4% a year?
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?
SMSF pensions: How do I start one?
Q: How do you change your self-managed super fund (SMSF) from accumulation phase to pension phase (husband aged 60 not working) and transition to pension phase (myself aged 57 and still working part time)? If an accountant has to do [...]
SMSF pensions: Watch out for a shock (ing) tax bill on fund assets
During 2010, SuperGuide published a response to a question from a reader. The reader asked: what was the tax status of a pension account (not the benefits paid out, but the actual account) after a self-managed super fund member died?
I’m 60. Why can’t I access my super benefits?
Q: My husband turned 60 years of age in October 2010, and he has $80,000 in his super fund. We would like to withdraw his entire super as we need the funds to purchase a house. Due to his age we need a deposit of $100,000 before the bank will lend us the money for the house.
