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.

Are SMSF audits too expensive?

Note: Every year, the ATO publishes the average audit fees incurred by SMSFs. This article contains data for financial year ending 30 June 2014 (latest available as at January 2016). We have retained all comments from earlier versions of article. The next update, for compliance data up to 30 June … [Read more...]

Super contributions: How much co-contribution will I get?

Q: Where do I go to find a calculator that helps me work out how much co-contribution I will be entitled to, and how much super I need to contribute to get that co-contribution? I am also looking for something that shows the sliding scale for different income levels and different super … [Read more...]

Does changing to part-time at 60 years, count as ‘retiring’?

Q: I am 60. I am interested in the condition of release relating to turning 60 and resigning. Is it sufficient to satisfy the ’60 and resign’ condition of release by changing my employment arrangement from full-time to part-time, with the same employer?A: Most super benefits are preserved until … [Read more...]

Turning 60 means tax-free super

Q: I turned 60 this year and I have been sick since late last year. 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 didn’t tell them I was retired because I kept hoping I’d soon be better. I seem to be … [Read more...]

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?For an Australian to be eligible for the co-contribution scheme they need to be earning 10% or more of their total income from eligible … [Read more...]

Unrestricted access to super, sometimes

Q: I have been a member of my super fund from about 1993. I see from your 14 legal ways to withdraw your super benefits article, that I may be able to access my restricted benefit. You write: “If you’ve been a member of a super fund since before 1 July 1999, you can cash your ‘restricted … [Read more...]

Accessing super: Turning 55 or 56 (or 57) is not enough

Q: I am 50 years old, born September 1964. I thought I could access my super funds from age 55 but I have been told I can’t access my funds until age 60. Is this correct? And, when I withdraw my super benefits, is there any tax payable?A: The general rule is that you must have reached your … [Read more...]

Do I pay tax on a super account in the last year of accumulation phase?

Q: On 1 May 2016 I am transferring from accumulation phase to pension phase (I turn 65 on 30 April 2016). Is my super fund subject to tax (for 2015/2016 year) on income earned up until the date of conversion, or is no tax payable because the fund has been converted to pension phase?Earnings are … [Read more...]

SMSF investment: Can I invest my super money in my own company

Q: Can I set up a self-managed super fund (SMSF) and invest the funds in a company of which I am the sole director? If yes, will the earnings of the super fund be tax free and would my drawings from the fund be tax free? I am 64 years old. Question one: Can you invest your super money in your own … [Read more...]