Transition-to-retirement strategies
A TTR pension not only offers greater work-life balance, but it can also open up potentially beneficial strategies and opportunities.
Articles by Garth McNally
Q&A: What are the benefits of spouse super equalisation strategies?
Q: Nikki asks, I would like to understand what the benefit is for my husband to withdraw funds when he turns 60, and then I reinvest the funds back in my name.
Webinar:Â Buying property in an SMSF
From the compliance requirements to the strategic opportunities, this webinar will also include an attendee Q&A Session.
Non-arm’s length expenditure (NALE) rules for SMSFs
Don’t know your NALE from your NALI? Failure to attend to both can lead to some gnarly tax outcomes.
Can I live in my SMSF property?
It’s a common question which is generally answered with a firm no, but there are exceptions to the rule.
Preservation age and transition-to-retirement pensions align
The stars have aligned for the preservation age and tax-free super payments, reigniting interest in TTR pensions.
Q&A: How do I start an SMSF pension while leaving other members in accumulation?
Q: I am keen to understand how to move one member of an SMSF from accumulation phase to a benefit paying phase, while the remaining members continue in the accumulation phase.
Director Identification Numbers: What is required for SMSFs
If you are planning to set up your own self-managed super fund with a corporate trustee, then you will need to add applying for a Director ID to your administrative to-do list.
Webinar:Â Transition-to-retirement pensions: The BOOM is coming
With upcoming changes to both superannuation and tax laws, there is likely to be a huge uptake in the use of transition to retirement pensions.
Q&A: If I’m retired can I leave one of my two funds in accumulation?
Q: I have two super funds and being in my 60s and retired believe I’m eligible to change from accumulation to pension. If I do this, does this need to happen for both funds, or can I choose to have one fund with one account in pension/drawdown mode and have the second fund with one account remaining in accumulation mode?
Webinar:Â SuperGuide members Q&A: June 2024
In this webinar super expert Garth McNally answers recent questions from SuperGuide members.
Q&A: Should I postpone my contribution reserving strategy until after the contribution caps rise?
Q: I was planning to make a $55,000 payment into my SMSF by 15 June 2024 as a Contribution Reserving Strategy for myself and my wife. With the limits increasing to $30,000 per person from 1 July 2024, can I make a $60,000 payment as Contribution Reserving instead of $55,000. In summary, can I take advantage of the new limits with Contribution Reserving prior to 1 July?
Q&A: If I have $1.9m in my super pension can I still make contributions?
Q: I have $1.9 million in pension. Am I allowed to contribute to my accumulation super accounts? If so, how much can I contribute in terms of concessional contributions and non-concessional contributions? I’m 65 years old and not working now.
Webinar:Â 2024 year-end superannuation tips and traps
Year-end strategies and procedures to get the best outcomes from your superannuation before the end of the 2023-24 financial year.
Getting ATO advice for your SMSF: Rulings and fund specific advice
If you’re unsure how the SMSF rules and regulations might apply to your fund, it’s worth going direct to the horse’s mouth – that is, the ATO.
The $3 million super tax cap: What to consider with 1 year to go
If you have more than $3 million in super and are looking to reduce your balance and future tax, consider these issues first. Time is slipping away.
How to boost your SMSF balance with contributions reserving
The increase in contribution caps from 1 July provides opportunities for SMSFs to potentially get up to $57,500 tax-deductible contributions into their super this financial year. Here’s how.
Q&A: Is there a loophole which allows a pension fund to go above the transfer balance cap?
Q: I am interested in the apparent loophole that allows a pension fund to go above the applicable cap. In my case $1.7 million. On the ATO website it states that if your Total Super Balance on 30 June, the previous year is less than $1.48 million then non-concessional contributions for the first year can be $330,000. Thus, effectively making your new total super balance $1.81 million i.e. greater than the $1.7m cap. Can you explain any pitfalls in using this strategy to maximise funds in pension phase?
