Articles by
Garth McNally
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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.
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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.
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Webinar: 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.
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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…
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Webinar: SuperGuide members Q&A: June 2024
In this webinar super expert Garth McNally answers recent questions from SuperGuide members.
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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…
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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.
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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.
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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.
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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.
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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.
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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…
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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?
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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…
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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?
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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?
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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?
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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.
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