SuperGuide
Superannuation and retirement planning information
Much has been happening behind the scenes at Australia’s large super funds, but one fund stood out for its strong performance across the board, becoming the first fund to win both Super fund of the year and Pension fund of the year.
Retirement took centre stage at the recent Chant West awards, in recognition that the primary function of super is to provide members with pension income. And the winner is…
SMSFs are a popular choice for people who want more flexibility and control over their retirement savings, but they’re not for everyone so be sure to understand what’s involved.
Planning for retirement as a couple offers opportunities to maximise your retirement income from super along with tax and estate planning benefits, but there can also be added complexity.
It’s been a long time coming, but more super funds are now, or soon will be, offering retirement products that reduce the risk of outliving your savings. Here’s what’s on offer.
SMSFs offer more control than other super funds, but strict rules apply. Follow our 9-step guide to ensure your fund complies with all your legal obligations from the outset.
Now that SMSFs can have up to six members, it makes it easier to bring the whole family into the super fold, but it’s important to look before you leap.
An annual audit is one of the necessary tasks associated with running an SMSF, but it can save trustees from inadvertent and costly breaches of the rules.
Don’t be rattled by pundits saying you need $1 million to retire. The amount you need will depend on your personal circumstances, not a figure drawn out of a hat.
The Service Pension provided similar benefits to the Age Pension for veterans, their partners and widow(er)s, but the eligibility requirements are different, as you would expect.
The way super intersects with the Age Pension has a big impact on retirees with ‘middling’ super balances, but it’s important not to fixate on short-term pension entitlements at the expense of long-term financial security.
The ATO has increased scrutiny of SMSFs and common areas of non-compliance with superannuation law, and the penalties for getting it wrong can be substantial.
There’s no getting around regular asset valuations for your SMSF, and it needs to be done by the book.
While interest rates have lifted off their historic lows, franked dividends from shares are still a happy hunting ground for income-seeking investors.
The number of SMSF trustees who have unmet advice needs is growing, but upcoming reforms and new technology offer the prospect of improved affordability and access.
If retirement beckons, it’s time to work out how much income you think you will need to fund your desired retirement lifestyle. Here’s what you need to consider.
Older Australians are wealthier than ever before, so careful estate planning is crucial if you want your super and other assets to be distributed in line with your wishes.
It can be easy to put off retirement planning when you are caught up in the demands of running your own business, but it pays to plan ahead if you want to make the most of all your hard work.
