While the exact number is hard to pin down, various industry estimates put the total number of Australian retirees who are now living overseas at around 90,000, a figure which has risen steadily in recent years.
Retiring is a huge step and it would be normal if you have some last-minute details to sort through before you make the final leap.
If you have a valid will in place when you die, most of us assume it’s simply a matter of our executors taking care of all the paperwork and paying out our remaining assets to our beneficiaries in the proportions listed in the will.
When it comes to your super benefits, tax is always at the heart of it, whether it’s when you make a contribution, or when you take your money out at the other end.
When you die, the tax man can be pretty quick to put his hand out to take his cut, and this also applies to the balance of your super account.
The most popular type of superannuation pension is an account-based pension, which is also the main type of super pension available to retirees. The technical term for a superannuation pension is a ‘complying pension’ (that is complying with the superannuation rules).
If you retire before the age of 60, your super benefit payments are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax.
When you apply for the Age Pension claim you’re joining a long queue, and making mistakes can cause a lot of delays and frustration. This article is a step by step guide to claiming the Age Pension and getting it right the first time.
When it comes to the super system, reaching age 60 triggers an important change. It means you can withdraw you super benefits and most people pay no tax on their savings.
The past few years have seen SMSF trustees kept busy implementing numerous legislative modifications to the super system, plus the major reform package commencing on 1 July 2017. Unfortunately, this financial year seems unlikely to be any different.
The decision about when to retire is rarely made overnight. It’s a major life event and deserves careful thought and planning. Finances play a big part, but so do your health, your partner’s circumstances and whether you still enjoy your work or are itching to leave.
For many years SuperGuide has regularly received angry emails from readers about their employers not paying their super entitlements and the ATO being unable to help recover the money.
The concept of total superannuation balance, or TSB, was introduced on 1 July 2017 as a means to measure your total superannuation interests at any point in time. It is used to determine eligibility for a number of new superannuation measures – such as the ability to carry forward unused concessional contribution caps.
The Pension Bonus Scheme is a tax-free lump sum payment available to people who meet its eligibility requirements. The Scheme has not accepted any new registrations since 1 July 2014.
Non-preserved super benefits can be either unrestricted or restricted. Unrestricted non-preserved benefits are the most common type. You will have these benefits if you are a member of a super fund and have satisfied a condition of release. If you do, you’ll be able to access your super on demand as either a lump sum or a pension.