Q&A: I’m over 75. Can I make a super contribution?
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.
Articles by Garth McNally
Q&A: How can you reduce inheritance tax if you leave your super to your children?
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.
Q&A: Can I contribute to a grandchild’s super account?
Am I allowed to put money from my savings into my granddaughter’s super account?
Q&A: Can you make super contributions when you work overseas?
Non-residents can make super contributions, but check with the fund around their rules.
Q&A: How much can I contribute in year 4 of a bring-forward period?
If you contribute $30,000 short in the first three years, then in year four, are you able to contribute after tax of $110,000 plus the $30,000 short for all from years one to three?
Q&A: Do SMSFs perform better than industry funds?
This is difficult to answer because when you are comparing the performance of an industry fund to the performance of a self-managed super fund, it’s difficult to compare like for like.
Q&A: Can I withdraw a lump sum after I start a pension?
Once the super account is a pension account, can a lump sum be withdrawn, say, after one year of receiving a pension from it?
Q&A: How can I recontribute my pension payments back into my super?
When I receive payments from an account-based pension, I know I can put some back to my accumulation account. How is the amount put back treated? Is it a non-concessional or a concessional contribution?
Q&A: Can I contribute to super after I start a pension?
Is it allowable to commute a pension, add the additional funds, and then restart a “new pension” with the increased amount, all on the same day?
SMSF property ownership options and opportunities
One of the attractions of SMSFs is their ability to invest in real property, and there are many ways trustees can go about it.
Tax hike on super balances above $3 million: Is it time to rethink our retirement savings vehicles?
Super may be the most tax-effective retirement savings vehicle, but for those with higher balances it may be time to look at alternatives.
Q&A: Can you transfer an investment property into an SMSF?
Remember that it is not an asset that you own. It’s owned by the trust. Even if you’re a beneficiary of the family trust, the trustee can give you income, it can assign you income, but you don’t own the assets.
Q&A: Can you make an in specie transfer of crypto into an SMSF?
You can’t currently transfer a crypto asset or holding into your SMSF. You couldn’t do it by way of an in specie contribution, and you couldn’t do it by way of the fund acquiring it from you for cash. The rules are the same.
Q&A: Contributing to super prior to a pension
Can I immediately, after making these contributions, transfer my accumulation super to a pension account, or do I need to wait three years due to the bring-forward?
Webinar:Â The proposed new $3 million super changes: What you need to know
We take a look at the proposed new tax regime for super fund members with balances above $3 million, how it will work, when it may come into play, and what you should be considering now.
Webinar:Â SuperGuide members Q&A: March 2023
In this webinar super expert Garth McNally answers recent questions from SuperGuide members.
SMSF death benefits: Who are my dependents and why does it matter?
When it comes to validity for death benefit nominations, the best place to start is with the rules around ‘dependents’.
Webinar:Â Starting an account-based pension
How do you start an Account-Based Pension in an APRA-regulated fund? What about your own SMSF? This webinar will walk through the key steps and give you key tips and traps to get the best outcomes for you and your family.
