If you plan to leave your super to your adult children when you die, your superannuation death benefit may be hit with benefits tax, even though you would have received that benefit tax-free (if aged 60 or over) while you were alive.The reason for this inconsistency is that superannuation death benefits paid to ... Read more
Superannuation after-life: Beware the dastardly death tax, and the cap
Although superannuation death benefits are tax-free when paid to individuals considered ‘dependants under the tax laws’, a ‘death tax’ continues to apply when super monies are paid to individuals considered ‘non-dependants under the tax laws.Any of your children aged 18 or over, who can’t prove they were dependent ... Read more
MySuper: 115 super funds now available
Note: This article provides a complete list of official, authorised MySuper products. This list will be updated regularly if any additional MySuper products are authorised by the Australian Prudential Regulation Authority (APRA). This article was last updated on 31 May 2017. If you are looking for a list of all super ... Read more
Super for beginners, part 15: Super tax – as easy as 1-2-3
Superannuation only exists because of how super savings are taxed. Superannuation savings receive tax incentives to encourage Australians to choose super as a retirement savings option. Even so, superannuation is still taxed (for most Australians), but at a lower rate of tax than non-superannuation income and ... Read more
Super for beginners, part 11: Is my super fund good enough?
Q: I have my super with a major financial organisation. I’m wondering, are they a good company to be dealing with? I feel that their fees are a bit high: based on an investment amount of $300,000 the MER amount is $6,600 (2.2%) plus a monthly admin fee of $8.50. What are your thoughts on this matter?I am not ... Read more
Super for beginners, part 8: What happens to my super benefits when I retire?
Q: I have a superannuation fund accumulating (although I am no longer making super contributions). I am 52 and I intend retiring at age 60. When I do retire can I withdraw the entire super fund as a lump sum and deposit it in to my bank account? What would the tax implications be for taking the entire fund as a lump ... Read more
Fund choice: Comparing super funds in 8 steps
We receive many questions from readers asking about particular superannuation funds and whether we think fund A or fund B is a good super fund. We are an information site, rather than advisory service so we cannot provide advice on the merits of a particular fund, but we can give you some guidance on how to assess ... Read more
Retirement: 3 ways of taking super benefits before the age of 60
When you retire early, you’re going to have to make a few decisions. The tax implications of your retiring before the age of 60 can depend on whether you take your super as a lump sum and/or pension.Are you taking your super as a lump sum, a super pension (also known as a super income stream) or a combination of ... Read more
Retiring before the age of 60: the tax deal from 1 July 2017
If you retire before the age of 60, your super benefit payments are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax.If you’re willing to wait until you turn 60 before you retire, you can automatically ... Read more
Tax-free super for over-60s, except for some (from 1 July 2017)
If you withdraw your super benefits after you turn 60 years of age, you can expect to pay NO tax on those super benefit payments, unless you are a member of certain types of public sector super funds. Further, from 1 July 2017, certain recipients of private and public defined benefit pensions will also pay tax (or more ... Read more
Super fees: Top 10 cheapest funds in Australia
Note: This article contains the latest available fee information. In this article you can find the cheapest super funds and the cheapest super pension funds. We update this article periodically with fee data issued by SuperRatings. Latest update was February 2017, using December 2016, and September data.We are ... Read more
Comparing super funds: Who’s who in the super zoo?
Note: We regularly update this article with the latest data on superannuation funds issued by the Australian Prudential Regulation Authority. This article contains the latest data available, released on 21 February 2017 (for data as at December 2016).Unless you work in the superannuation industry, how the world of ... Read more
