Q: The bring forward concessional contributions tax claims. Are they still available and any other matters associated with such a tax claim?
Set out below are the latest guides that relate to superannuation q and as.
What these rules allow us to do is to split, so to take up to 85% of the concessional contributions that were made into our own super fund account last year and then split them or allocate them to our spouse’s super account in either our fund or any other fund in the current year.
Should you put all your super into an account based pension or invest some in a fixed term deposit? What are the pros and cons? If you put some super into a fixed term deposit and then roll it over at the end of the term, will you then start paying tax on returns?
What are the considerations in equalising spouse super balance in light of the proposed additional 15% tax on super balances over $3 million?
Given that in pension phase income is exempt from tax, I’m wondering about the pros and cons of entering into pension phase with accumulated losses for capital gains. Does it matter at all?
Q: I started a pension with $1.7 million on 1 July 2022. Can I move a further $200,000 into pension phase from 1 July 2023 post indexation?
Q: If I set up a pension phase with the maximum $1.7 million transfer balance cap, what would happen if one of the investments in that portion made a significant capital gain, pushing the balance over $1.7 million?
The key here is the age restriction on making contributions to super. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions.
This is something that we all want to know, right? We want to make sure that if we leave money to our kids, that they don’t get hit with tax on that money.
Am I allowed to put money from my savings into my granddaughter’s super account?
Non-residents can make super contributions, but check with the fund around their rules.
If you contribute $30,000 short in the first three years, then in year four, are you able to contribute after tax of $110,000 plus the $30,000 short for all from years one to three?
This is difficult to answer because when you are comparing the performance of an industry fund to the performance of a self-managed super fund, it’s difficult to compare like for like.
Once the super account is a pension account, can a lump sum be withdrawn, say, after one year of receiving a pension from it?
When I receive payments from an account-based pension, I know I can put some back to my accumulation account. How is the amount put back treated? Is it a non-concessional or a concessional contribution?
Is it allowable to commute a pension, add the additional funds, and then restart a “new pension” with the increased amount, all on the same day?
Can I immediately, after making these contributions, transfer my accumulation super to a pension account, or do I need to wait three years due to the bring-forward?
Sheena Stow-Smith from PensionHelp answers reader questions about how super affects disability support.