Super fees and returns, SMSFs and TBAR, Age Pension changes, Bring-forward rules, Reverse mortgages
Highlights of the June 2018 edition of the SuperGuide Premium newsletter include:
- SUPER FEES AND RETURNS CALCULATOR: The Productivity Commission have again highlighted the importance of fees in the returns equation, particularly when they are compounded for the long timeframe that superannuation is applied over. To help illustrate this we’ve designed a calculator that shows you the impact small percentages can make over time.
- SMSFs and TBAR: Another month, another acronym. The Transfer Balance Account Report is an important new administration requirement for SMSFs. Meg Heffron explains more about the TBAR and when it operates.
- AGE PENSION CHANGES: New assets and income thresholds apply from 1 July, which means more Australians may now be eligible for the Age Pension.
- BRING-FORWARD RULES: We’re in the middle of some complex transitional rules, so make sure you are fully up to speed if you have triggered the bring-forward rule in the last 2 financial years.
- REVERSE MORTGAGES: These may sound tempting when you are asset-rich but cash-poor, but reverse mortgages are surprisingly unpopular in Australia. Janine Mace explains how they work, what are the pros and cons, and the rules and impacts you need to consider.
FEATURES
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Which are the largest super funds?
Superannuation is now very much super-sized, with 187 super funds and $2.9 trillion invested. Here we list the 20 largest super funds in Australia so that you can benchmark your own fund.
Read moreSMSF statistics: 1.1 million members with $676bn in super
The number of SMSFs in Australia has continued to rise in recent years, along with average individual member and overall fund balances. The majority of SMSFs have been operating for more than ten years and have corporate trustees, with this structure becoming very popular since 2015.
Read moreSuper fees and returns calculator
Wouldn’t it be great if you could see the real impact of fees on your super account? With this in mind, we have created the SuperGuide Super Fees and Return Calculator that enables you to project a future super balance based on your current super balance, salary, age and desired retirement age.
Read moreAge Pension rates (March 2021 to September 2021)
Age Pension rates increase on 20 March 2021. This article also explains how the Age Pension works, and includes the latest Age Pension rates for residents, non-residents, and the transitional Age Pension.
Read moreBeginner’s guide to making super contributions
Building a sizeable retirement nest egg can take some effort, but a recent study by Roy Morgan found only 18% of employees with super currently have more than the compulsory 9.5% of their salary or wages going into their super fund account.
Read moreNon-concessional super contributions guide (2020/21)
While your employer is making regular Super Guarantee contributions into your super account, you can boost your account balance by using after-tax money to make non-concessional contributions.
Read moreA super guide to understanding the bring-forward rule
The bring-forward rule represents an important opportunity to put more money into your super account in a particular year if you receive an inheritance or are getting close to retirement. Here’s a simple guide to how it works.
Read moreWhat is the Pension Loans Scheme, and how does it work?
Older Aussies looking to boost their retirement income can take advantage of the government’s Pension Loans Scheme to generate a non taxable fortnightly income stream that helps pay their bills.
Read moreReverse mortgages: What are they and how do they work?
If your super account is not as big as you would like when you retire, one solution could be to look to your home as a way to generate some extra money – and that doesn’t necessarily mean you need to become an Airbnb host.
Read more