‘’Failed” funds named, How super is taxed, SMSF succession planning, Recontribution strategy explained, Age Pension increase
Highlights of the September 2021 edition of the SuperGuide Premium newsletter include:
- THE DIRTY (BAKER’S DOZEN): Be alert but not alarmed is the message for members of one of APRA’s 13 “failed” funds.
- SUPER AND TAXES: Super is the most tax-effective vehicle for retirement savings, but there is still tax to pay along the way.
- WHO WILL CONTROL YOUR SMSF? Succession planning is vital to ensure your super ends up in the right hands.
- INDEPENDENT FINANCIAL ADVICE: A financial adviser now needs to tell you if they are not independent. We detail why it’s important, what makes an adviser truly independent, and how to find one.
- RECONTRIBUTION CASE STUDY: How withdrawing super and putting it back in again can save tax and aid estate planning.
- AGE PENSION INCREASE: With rates about to rise, we explain how the Age Pension works and how to get your fair share.
SUPER NEWS
Super news for September 2021
Underperforming funds now need to tell APRA why, Re-contributions of Covid-19 early release super withdrawals allowed, Separating couples can request partner’s super information, SMSFs numbers increase in June quarter, Retirees experience higher inflation, SMSF investors fuel growth in ETFs, Colonial First State in Federal Court.
Read moreSUPER FUNDS
APRA’s ‘failed’ funds: Be alert but not alarmed
If you are one of the million Australians whose super fund failed APRA’s recent performance test, consider these things before you jump ship.
Read moreHow to curb the itch to switch
Staying the course and seeking advice were winning strategies during last year’s market meltdown.
Read moreThe big picture: Focus on super’s long-term returns
They say a picture is worth a thousand words, so we’ve created a visual representation of super’s value in the long run.
Read moreYour future now stapled to your super
New legislation will ‘staple’ members to their first super fund until they retire unless they choose otherwise. There are benefits but also some pitfalls to be aware of.
Read moreSuper fund mergers: What’s in it for you?
The urge to merge is gaining momentum among super funds, leaving members to weigh up the costs and benefits.
Read moreAnalysis of super fund member outcome assessments
For the first time, the regulator APRA has required super funds to publish annual member outcomes assessments (MOAs) on their websites. These self-assessments show the extent to which funds actually help their members save for retirement and how they compare to other funds.
Read moreSuper fund performance: Monthly returns to August 2021
Super funds continue to produce strong returns for their members in a difficult economic climate, with the median Growth fund up 1.7% in August for a cumulative return of 2.8% in the first two months of the financial year.
Read moreSUPER AND TAX
How superannuation is taxed: Super for beginners guide
Super is arguably the most tax-effective retirement savings vehicle in the land, so it’s worth getting acquainted with the rules.
Read moreYour tax guide to accessing your super over age 60
When you reach age 60, the rules change on how much tax you are required to pay when you withdraw your super savings.
Read moreYour tax guide to accessing your super under age 60
If you access your super when you’re under age 60, the tax man is going to get a share of it, so make sure you know the rules.
Read moreSMSFs
SMSF estate and succession planning: What’s the difference?
When planning who gets what when you die, many people forget about their SMSF. It’s not just about the distribution of fund assets, but who’s in control.
Read moreReal DIY super: How to keep SMSF costs super low
If you’re prepared to do a lot of the grunt work yourself, running your own super fund need not be costly.
Read moreETFs: How do I use them and what do they cost?
It’s 20 years since ETFs first appeared on the local scene and their popularity with SMSF investors is soaring. We explain why.
Read moreWhat SMSF trustees need to know about non-arm’s length expenditure (NALE)
The ATO has clarified its position on non-arm’s length income and expenditure, and the cost of getting it wrong.
Read moreMultigenerational SMSFs: Benefits and pitfalls
Now that six-member SMSFs are allowed, the question remains; should family members join forces or go their separate ways?
Read moreRETIREMENT PLANNING
Independent financial advice: Why it’s important and how to find it
Recent legislation requiring advisers who are not independent to advise clients of the fact is a welcome move. But does it go far enough?
Read moreWhat makes a financial adviser independent?
Just because a financial planner’s business card doesn’t display the logo of a bank or insurance company doesn’t mean he or she is independent.
Read more7-point guide to what happens when you meet a financial adviser
Getting good financial advice can make a big difference to your retirement outcome, but before you take the plunge make sure you understand what’s involved.
Read moreRecontribution strategy case study: How superannuation tax components impact estate planning
By withdrawing and recontributing some of your super, you may be able to reduce the amount of tax paid by your beneficiaries. Here’s how it works.
Read moreAGE PENSION
Age Pension rates (September 2021 to March 2022)
Age Pension rates increase on 20 September 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 moreAre you getting your slice of the Age Pension Work Bonus?
Many pensioners are unaware they can continue working and earning some income on the side without losing pension entitlements, but not everyone is eligible.
Read moreAge Pension income test limits (September 2021 to March 2022)
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”.
Read moreAge Pension assets test limits (September 2021 to March 2022)
This article details the rules and limits of the Age Pension assets test (how much your savings and other assets are worth), which is one half of the means test (along with the income test) that determines how much Age Pension you could be eligible for.
Read moreAge Pension calculator (updated September 2021)
Our Age Pension calculator gives you an indication of potential Age Pension entitlements. The Age Pension rates are those that apply from 20 September 2021 to 19 March 2022.
Read moreQuiz: Age Pension rules
Take our 10-question quiz to test your knowledge on the Age Pension rules.
Read more