Q: I am drawing an account-based pension from my SMSF. I am turning 65 in June 2013. Will I need to draw a minimum of 3% or 3.75% for the 2012/2013 year? Or, in other words, what is the determining age, the one at the start of the taxation year, or the age attained in the course of the taxation … [Read more...]
Q: I run our SMSF. 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 (or whatever the pension relief amount is)? A: You ask … [Read more...]
We receive dozens of emails requesting information about moving pension funds from the United Kingdom into an Australian superannuation fund. For the UK to permit an individual to transfer retirement monies to another country, the UK government (more specifically Her Majesty Revenue and Customs, … [Read more...]
Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) released by the Australian Taxation Office. This article contains the latest data available up to March 2013 (for data as at December 2012). Each quarter the ATO releases self-managed super … [Read more...]
SuperGuide often receives questions from readers asking what happens if they don’t withdraw the minimum pension amount required to be paid each year from their pension account, especially when the underpayment is due to an honest mistake, or due to circumstances beyond their control. Before … [Read more...]
Q: I am 63. I want to retire next year but I am not sure if I want to access my super benefits yet. I have heard that when I retire, I must withdraw some super benefits each year, otherwise I won’t receive tax-free super benefits. Can you please clarify the rules for me? A: When you retire, you … [Read more...]
Note: The ATO publishes an annual report about SMSFs for each financial year. This article covers the latest SMSF performance data available from the ATO, as at February 2012. The ATO will provide updated performance data (for year ending 30 June 2012) in early 2014. A common argument put forward … [Read more...]
Note: The ATO publishes an annual report about SMSFs for each financial year. This article covers the ATO’s 2010-2011 statistical review of SMSFs (released in late December 2012). This report does contain data for the 2011-2012 year as well. The annual report for the 2011-2012 year will be … [Read more...]
Q: I will be 60 in March 2013. Is the compulsory 3% drawdown from my super pension treated on a pro-rata basis for my tax return for the 2012/2013 year, or can I draw it down after March 2013 rendering my super income after 60, tax-free? You ask a popular question relating to tax-free super for … [Read more...]
Q: How do you change your self-managed super fund (SMSF) from accumulation phase to pension phase (husband aged 60, and retired) and transition-to-retirement pension phase (myself aged 57 and still working part time)? If an accountant has to do it, what costs could be involved? Your site has been a … [Read more...]
Q: I am interested in setting up a self-managed fund. I would like to know more about the rules for purchasing property in a super fund, and whether it is possible to use borrowings to do so. Trish’s response: A self-managed (DIY) super fund can invest in all types of property, including … [Read more...]
Congratulations to the Federal Government for applying common sense when dealing with death benefits paid to beneficiaries from a superannuation pension account. The Government, in its 2012/2013 Mid-year Economic and Financial Outlook, has confirmed that investment earnings derived by superannuation … [Read more...]
Effective from 2013/2014 year, the ATO supervisory levy for self-managed superannuation funds is set to jump again, increasing to $259 a year. The Government announced this levy hike as part of the 2012/2013 Mid-year Economic and Fiscal Outlook (MYEFO), released on 22 October 2012. You can also … [Read more...]
Q: I recently read your book on DIY Super for Dummies and picked up a number of useful hints. Thanks for writing it. My wife and I have only recently established a SMSF and are on a steep learning curve. We are in the pension phase. Both of us have a large tax free component and a smaller taxable … [Read more...]
Q: I put money into my SMSF in June 2011 from a capital gain. I wasn’t able to tell the fund at that time what it was for as my accountant hadn’t completed the figures so that notice was sent to them in April 2012. As I understood the rules, so long as the money was in the fund at June 2011, I … [Read more...]
