Articles by

Garth McNally

Garth has worked in the Australian Superannuation industry for over 20 years with a specific focus on self-managed super funds. He provides ongoing support and training to individuals as well as to professionals working in the superannuation area, including advisers, accountants and lawyers. He is a regular contributor to industry publications and to the leading professional bodies including Chartered Accountants Australia & New Zealand (CA ANZ).

Webinar: 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…
Q&A: What is required when making lump sum withdrawals from an SMSF in pension mode?

Q: Can you explain the conditions or requirements pertaining to lump sum withdrawals from a self-managed super fund in pension mode?
Q&A: Is TBAR reporting required for lump sum payments?

Q: I’m 67 years of age, and I’ve kept my SMSF in accumulation phase so far. There is only about $200,000 in my SMSF. I’d like to take a $7,000 lump sum out of my SMSF if possible. If I do this, will I need to provide a TBAR or some other kind of report…
Q&A: I’ve used the bring-forward rule, so when can I make more non-concessional contributions?

Q: I have maxed out my non-concessional contributions ($330,000) in July 2023. When is the earliest I can make new non-concessional contributions?
Q&A: Is there a cap on total super balance when you have started a pension?

Q: Is there a cap on the total balance (accumulation and income funds combined) one can have in super once one has set up an income stream pension? What is the rule for a 67-year-old?
Q&A: Do I have to start a pension when I retire?

Q: I have just retired at the age of 60, mainly to access my Super returns tax free. Do I also have to start a pension, or can I delay that a few years, so I don’t have to start withdrawing the minimum 4% annually?
Q&A: How will the new $3m super threshold tax impact retirement planning?

A: There are lots of similar questions on this topic. First of all, I believe that SMSF liquidity and SMSF diversification will become even more important.
Q&A: What is asset segregation in pension phase?

Q: I would love to understand a little more about segregating assets on reaching pension phase. i.e. how it works in practice and reasons when such a strategy might be appropriate?
Contribution cap increases: Issues to consider

With contribution caps set to increase on 1 July, people need to weigh up their options before making additional super contributions before and/or after June 30.
Q&A: Can I combine multiple pension accounts?

Q: I know that you can easily combine multiple super funds that are in accumulation mode, but can you do it for accounts that are in pension mode?
Webinar: Strategies to split or share your super balance with your spouse

This webinar shows how you can move part of your superannuation balance to your spouses account and effectively maintain equal member super balances.
Q&A: What can we do with excess funds if we need less than the minimum pension amount?

Q: I am about to transfer all our accumulation funds into income funds for retirement income as we are now retiring. Our combined minimum drawdown at 4% will be more than what our living expenses will be, so I am exploring options to put the left over dollars.
SMSFs: Investing in related trusts and companies

Using your SMSF to invest in a related trust or company can be a sound financial move, but strict rules apply so read on before you act.
Can you rollover an SMSF pension to another fund?

For various reasons, SMSF members may want to roll an existing pension into a new super fund, but the process is not as simple as it could be.