Superannuation Q and As

Trish Power (author of Superannuation for Dummies and DIY Super for Dummies) answers readers’ questions on super.

Set out below are all SuperGuide articles explaining Superannuation Q and As.

Age Pension: Deemed income falls from 1 July 2015 with higher thresholds

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Note: This article explains the latest deeming rates and the deeming thresholds for the Age Pension income test. If you are seeking information about the latest Age Pension payment rates see SuperGuide article ‘Age Pension: March 2015 rates now apply’. If you are seeking information on the changes … [Read more...]

Age Pension: Assets test thresholds from 1 July 2015

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Note: This article explains the latest Age Pension assets thresholds, applicable from 1 July 2015 until 19 September 2015. If you are seeking information on the latest Age Pension rates see SuperGuide article Age Pension: March 2015 rates now apply. If you are seeking information on the  changes to … [Read more...]

Transition-to-retirement pension: Can I work full-time and what form do I fill in?

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Q: Your website says: “By starting a TRIP, you don’t have to retire to withdraw your super benefits. You can work part-time or full-time or even casually.” But on the TRIP form I have from my super fund it says I have to be permanently retired or be working part time. Which is correct? I can’t see … [Read more...]

Bring-forward rule: 10 facts you should know

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I receive a lot of questions from readers seeking information about how the non-concessional (after-tax) rules work; in particular, how the bring-forward rules works. The bring-forward rule works over a 3-year period so it is very important that you keep track of the size and timing of any … [Read more...]

Super contributions: Beef up using a bring forward

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Q: Under the 2-year bring-forward of non-concessional contributions, if a person makes an after-tax contribution of $180,001 when age 64 during the 2014/2015 year, can he continue to contribute the balance of the $540,000 anytime during the next 2 years without having to satisfy the work … [Read more...]

Turning 65: Maxing out the after-tax contributions cap

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Q: If you turn 65 and retire after 1 July 2015, can you still make the $540,000 bring-forward non-concessional contribution as long as you make the contribution before 30 June 2016? Or do you have to satisfy the work test to do so? Answer: For the benefit of other readers, I’ll first explain the … [Read more...]

Super contributions: Turning 65 part-way through the year

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Q: I turn 65 in January 2016. So I will be 64 years of age for a large part of the 2015/2016 financial year, but of course I turn 65 during the 2015/2016 financial year, that is, in January 2016. My understanding is that because I will be under 65 for part of the 2015/2016 financial year then I can … [Read more...]

Superannuation contributions: Wearing two caps

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Q: Are the caps relating to ‘concessional’ and ‘non-concessional’ contributions regarded as separate? Put simply, can I contribute $30,000 concessional and $540,000 non-concessional sums (a total contribution of $570,000) to my super fund for the 2014/2015 year, or for the 2015/2016 year? A: … [Read more...]

Are you eligible for a Commonwealth Seniors Health Card?

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IMPORTANT: Since 1 January 2015, new applicants for CSHC need to include tax-free superannuation income when assessing CSHC eligibility. Effective from September 2014, the government indexed the income test thresholds for the CSHC. The income test thresholds will be now indexed annually from … [Read more...]

Accessing super early: Terminal illness

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Q: I have a terminal illness. Can I access my super benefits? A: I’m sorry to read about your illness. The superannuation rules do recognise that super benefits can be accessed early under such devastating circumstances. For your information, ‘terminal illness’ for the purposes of accessing … [Read more...]