When you retire, there are lots of decisions to make about whether to take a lump sum or start an account-based pension. You also need to decide how you would like the remaining balance of your super account to be distributed when you die.
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If you have a valid will in place when you die, most of us assume it’s simply a matter of our executors taking care of all the paperwork and paying out our remaining assets to our beneficiaries in the proportions listed in the will.
When it comes to your super benefits, tax is always at the heart of it, whether it’s when you make a contribution, or when you take your money out at the other end.
When you die, the tax man can be pretty quick to put his hand out to take his cut, and this also applies to the balance of your super account.
For many years SuperGuide has regularly received angry emails from readers about their employers not paying their super entitlements and the ATO being unable to help recover the money.
When it comes to choosing a superannuation fund, it’s natural to think that big is better, but does being big really make a super fund better?
It was not that long ago that same-sex couples and families were treated differently to other couples and families for income tax and super law purposes.
As a member of a defined benefit super fund, how much you receive on retirement will depend on factors such as length of employment and your final salary.
The final report from the Royal Commission is likely to result in major change for the superannuation industry – both for super fund members and for trustees and executives managing the large super funds.
A key recommendation in the new Productivity Commission report, the idea of employees being given a ‘best in show’ list for the top 10 performing super funds has been met with a hostile response from the super industry.
Australia’s current super system is “harming millions of members” through underperforming funds, multiple accounts and excessive fees.
Announcing a government inquiry is always big news, but when the Australian Government declared it was establishing a royal commission into Australia’s banks, it really made a splash.