SuperGuide
Superannuation and retirement planning information
As my SMSF balance is about double the TBC how does proportioning of the income work in the portions that are separated into Pension phase and Accumulation phase? I am over 60. If I made a lump sum withdrawal from the accumulation portion does re-proportioning take place?
In this webinar super expert Garth McNally answers recent questions from SuperGuide members.
I’m 61 years old and still working. I would like to start a Transition to
retirement pension. Do I need to complete a TBAR to notify the ATO and how often does one need to do this after turning 60 years old if the answer is yes?
Sally manages her own SMSF of which she is the only member. The fund is in accumulation phase and is made up of 1/3 tax-free component and 2/3 taxable component.
Q: I started a pension with $1.7 million on 1 July 2022. Can I move a further $200,000 into pension phase from 1 July 2023 post indexation?
Q: If I set up a pension phase with the maximum $1.7 million transfer balance cap, what would happen if one of the investments in that portion made a significant capital gain, pushing the balance over $1.7 million?
Non-arm’s length income is coming under increased scrutiny by the Tax Office and penalties can be steep, so it pays to understand how to stay on the right side of the law.
There’s more than one way to invest in managed funds, including these actively managed listed funds that can be bought and sold as easily as shares.
In Part 2 of our series on SMSFs and property investment, we look at the pros and cons of holding business property in your fund.
Year-end strategies and procedures to get the best outcomes from your superannuation before the end of the 2022-23 financial year.
We have a real estate property in our SMSF that is rented out and passes the sole purpose test. Our fund is only two members, my wife and I. When we retire, does an asset like this need to be liquidated, or could the members take possession of the property?
If a fund has two members (both in accumulation) and one dies, can the surviving spouse receive the deceased spouse’s super by a death benefit pension income stream?
You certainly won’t be able to actually close or what we call wind up your SMSF until all the member’s benefits which are held within the fund have actually been dealt with.
What I need to highlight here, is we’re looking at individual trustees and not a company acting as trustee. We’ve got two individual trustees.
There are lots of things that we need to consider. What I’ve given you here is the actual rules which are contained within the superannuation legislation.
The key here is the age restriction on making contributions to super. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions.
This is something that we all want to know, right? We want to make sure that if we leave money to our kids, that they don’t get hit with tax on that money.
Am I allowed to put money from my savings into my granddaughter’s super account?
