SMSF reporting and record-keeping requirements
SMSFs have many attractions but keeping up with the admin is not one of them. Here’s what you need to know to stay on the right side of the law.
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Barbara is a financial journalist and author with over 30 years’ experience in Australia and the UK. She is a contributor to The Sydney Morning Herald and The Age Money section, and has worked for the Australian Financial Review and The Australian.
Barbara is the author of Alan Kohler’s Eureka Report Guide to Personal Investing, Sorting Out Your Finances for Dummies and Personal Finance for Dummies and co-author of Investing for Dummies with James Kirby.
SMSFs have many attractions but keeping up with the admin is not one of them. Here’s what you need to know to stay on the right side of the law.
When you retire there’s more than one way to withdraw income from your super; we explain your options.
With the amount you can transfer into a retirement phase pension set to increase on 1 July 2023, there are pros and cons to delaying retirement until after that date.
Deciding whether to take your partner’s super death benefits as a lump sum, pension or a bit of both requires careful planning; the earlier the better.
When and how you withdraw income from your super in retirement can have significant tax benefits.
There are a series of hurdles you need to clear before you can access your super. The first is your age.
A new financial year brings updated thresholds for a range of super measures. Take a look at the new numbers to check for opportunities.
The minimum amount you are required to withdraw from your super pension doubles from 1 July 2023, as the temporary halving of rates to ease the pressure on retirees during the pandemic draws to an end.
The age at which eligible retirees can start receiving the Age Pension has risen to 67. Bad news if you were born from 1957 on, but the good news is there are no plans to lift the age further.
Exchange-traded funds have exploded in popularity in recent years as an efficient, cost-effective way to build a portfolio, with new funds launched almost monthly.
If you are eligible for the Age or DVA pension you could be in line for a handy tax rebate, depending on your taxable income and relationship status.
Well diversified SMSFs with $200,000 or more in assets perform as well or better than large funds, but funds in pension phase do things differently to the rest.
Volatile markets and an uncertain economic outlook are challenging for investors, especially if you are close to retirement. But even retirees can benefit from playing the long game.
There’s a perception that financial advice is just for the wealthy. While the cost can be high, the amount you pay will depend on the complexity of the advice and where you get it.
SMSFs in pension phase need to be extra careful when setting their pension payments for 2023-24, as minimum drawdown rates double from 1 July.
While super is designed to provide income in retirement, there are circumstances when you may be eligible to withdraw some or all of your savings.
While compassion is a general term, the ATO applies strict rules when deciding whether you can withdraw some of your super early on compassionate grounds.
You may be able to withdraw a small lump sum from your retirement savings if you are in severe financial hardship and not otherwise eligible to access your super, but strict rules apply.
SuperGuide is Australia’s leading superannuation and retirement planning website.
Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629.