Having a total super balance of $1.6 million can create real problems. If you want to add more to your super account, here’s four strategies to consider.
Is it better to use an inheritance to pay off the mortgage, invest, or put it into super? We look at what you need to weigh up before you choose.
When it comes to the super system, reaching age 60 triggers an important change. It means you can withdraw you super benefits and most people pay no tax on their savings.
The concept of total superannuation balance, or TSB, was introduced on 1 July 2017 as a means to measure your total superannuation interests at any point in time. It is used to determine eligibility for a number of new superannuation measures – such as the ability to carry forward unused concessional contribution caps.
Capital gains and their potential tax liabilities need to be an important part of investment decision making for an SMSF. Careful consideration and planning of when capital gains, and losses, may be realised can have a significant impact on an SMSF’s balance.
Using a re-contribution strategy with your super sounds complex and mysterious, but in reality the name says it all – you withdraw some of the savings in your super account and then you re-contribute them back into the super system.
Ceasing employment after you reach the age of 60 is a “condition of release”, or one way you that you can access your super in Australia. Ceasing employment means leaving a job, even if you get a job with another employer.
As you reach retirement, you will be considering what you want to do with your superannuation in your self-managed superannuation fund (SMSF). Basically, your fund can pay benefits in the form of a lump sum, an income stream, or a combination of both.
This article broadly explains how superannuation is taxed, including when you make contributions, as your super grows, and when you access your super.