Prime Minister Julia Gillard has announced a 0.5% increase in the Medicare levy to help fund the National Disability Insurance Scheme (NDIS) – but Labor will not bring in legislation for the higher tax this term. The Prime Minister said the extra tax would represent about $1 a day for someone … [Read more...]
If you believe the federal government’s public relations campaign, MySuper will deliver the equivalent of nirvana in superannuation – low fees, strong investment performance, financial security and a worry-free retirement. Pardon? You haven’t seen the government’s MySuper publicity … [Read more...]
Q: I turned 60 this year and I have been sick since late last year, so I can’t get back to work and need to retire. I am wondering if you can tell me what kind of tax I have to pay if I take my super payment. I haven’t been to work since the start of December 2011. I didn’t tell them I was … [Read more...]
SuperGuide receives hundreds of questions every week from Australians wanting to create a better life for themselves in retirement. The types of questions we receive include: how much super should my employer contribute each year, how much money is enough, how can I work out if I am in a good super … [Read more...]
One of the best deals in superannuation has only a slight connection to your life in retirement. Life insurance cover within super funds rarely makes the headlines but for many Australians they are getting cost-effective cover from their super funds. Life insurance is insurance that pays out in … [Read more...]
Read this article to discover the new rules in place for SMSF trustees, and discover what you can do to ensure your SMSF operates within the super laws. New rules are now in place for self-managed super fund rules forcing SMSF trustees to take special care when considering a fund’s investment … [Read more...]
Q: I am a self-employed businessman with my own DIY super fund. I would like to know if I can arrange insurance(s), for example, death, etc through my fund with the premiums paid from the fund? Could you recommend any companies that may supply these services? The short answer to your first … [Read more...]
Q: I have a life insurance policy owned by my self-managed super fund (SMSF) of approx $2 million. Currently there is only about $80,000 accumulated in the fund. I am 40 years old. If I die tomorrow is my wife able access an income stream from the fund tax-free? For instance, upon my death if this … [Read more...]
Choosing the right level of insurance cover within your super fund is one of the three big decisions you make when joining a fund, along with choosing your investment options and deciding how much you want to contribute to your fund. (I explain the insurance options available within your super fund … [Read more...]
If you plan to leave your super to your adult children when you die, your death benefit may be hit with tax, even though you would have received that benefit tax-free (if aged 60 or over) while you were alive. The reason for this inconsistency is that death benefits paid to non-dependants, such … [Read more...]
This article is the first in a series of articles on annuities, to be published by SuperGuide over the next few months. The Global Financial Crisis, and the financial carnage that followed, devastated the value of many Australian retirement portfolios. For some retirees and prospective retirees, … [Read more...]
On 28 April 2011, the Assistant Treasurer and Minister of Superannuation, Bill Shorten made a brave and revolutionary announcement: he struck at the heart of the financial services industry money-making machine — by banning commissions and volume-based payments. This day has finally arrived and … [Read more...]
Remember Ansett Australia airlines? The airline company collapsed on 12 September 2001, the day after terrorists flew planes into the twin towers of the New York World Trade Centre. The two events however were not related. Although the administrators of Ansett continued certain flight routes for … [Read more...]
On average, Australians enjoy long lives but the flipside of that equation is that some people die young, and many of those who die young are parents. One in five parents will become too sick or injured to work, or will die before retirement age, according to a disturbing report released … [Read more...]
‘Stronger Super’ is the catch-cry heralding in the Federal Government’s response to the Cooper Review report on the superannuation system. On 16 December 2010, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, released the Government’s response … [Read more...]
