Preparing for retirement can be fraught. Not everybody wants to finish working, and some may be wondering what they are going to do with their days when the initial novelty of sleeping in and travelling wears off. There is also the concern that the money may run out. During such a stressful time, keeping on top of your ... Read more
Have you got an exit plan? The importance of estate planning
Australia is in the early throes of an unprecedented inter-generational wealth transfer, with Baby Boomers set to hand down in their Wills, an estimated $3.5 trillion over the next 20 years, according to McCrindle's Wealth Transfer Report. There’s no national data on the size of inheritances, but there are state ... Read more
Multi-generational SMSFs: Benefits and pitfalls
They say families who play together stay together, but what about families who save together in a multi-generational self-managed super fund? According to the most recent ATO statistics for 2015-16, the vast majority of SMSFs (69.8%) have just two members, usually a wife and husband. A further 22.9% have one member. ... Read more
Super strategies after losing your spouse: What are the rules?
Most retired couples plan to leave the bulk of their estate to their surviving spouse, which sounds straightforward. But where super is concerned, nothing is ever simple. If you’re both retired and drawing a pension from your super, inheriting your partner’s super could have complex tax implications if you’re not ... Read more
Who gets your super when you die? A guide to death benefit nominations
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. But in fact, when it comes to your super account, what you state in your will doesn’t ... Read more
A simple guide to what tax is payable on super death benefits
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. But working out just how much of your super death benefit will be paid to your nominated beneficiaries and how much will go to the ATO isn’t straightforward. ... Read more
Life insurance through super: A definitive guide
Life insurance inside super is the most common of all personal super insurances. It is often bundled with TPD (Total and Permanent Disability) cover and sometimes with income protection insurance. Life insurance is often referred to as death cover by super funds. In this article we will look at how life insurance ... Read more
Surely I don’t need a testamentary trust will (TTW)?
It is amazing how many times I have been told when taking instructions on a new or updated will that “my affairs are quite simple”. That statement may be true of course but simple is a relative term. As an example, if you want to achieve the more common goals of protection of assets and reducing tax, and who doesn’t, ... Read more
Re-contribution strategy: What is it and how can I use it with my super?
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. Which raises an obvious question. Why take money out of super and then put it straight ... Read more
Estate planning, super and SMSFs: Getting your house in order
Estate planning is often overlooked or neglected by superannuation investors. A broad and complex topic, it can be made easier by breaking down the key elements. This article won’t address all financial and legal issues in depth, especially for non-super assets. Instead, in the context of SMSFs, we will highlight some ... Read more