Q&A: What to consider with unused concessional contribution tax claims?
Q: The bring forward concessional contributions tax claims. Are they still available and any other matters associated with such a tax claim?
Superannuation Q and As
Set out below are the latest guides that relate to superannuation q and as.
Q&A: Can I do contribution splitting if I live overseas?
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.
Q&A: What are the pros and cons of starting an account-based pension vs investing outside super?
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?
Q&A: I have over $3m in super so should I now consider a recontribution strategy?
What are the considerations in equalising spouse super balance in light of the proposed additional 15% tax on super balances over $3 million?
Q&A: What are the pros and cons of entering pension phase with accumulated losses for capital gains?
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&A: Can I benefit from the increased transfer balance cap if I’ve already started a pension?
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&A: What happens if I start a pension and gains push the balance over the transfer balance cap?
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?
Q&A: I’m over 75. Can I make a super contribution?
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.
Q&A: How can you reduce inheritance tax if you leave your super to your children?
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.
Q&A: Can I contribute to a grandchild’s super account?
Am I allowed to put money from my savings into my granddaughter’s super account?
Q&A: Can you make super contributions when you work overseas?
Non-residents can make super contributions, but check with the fund around their rules.
Q&A: How much can I contribute in year 4 of a bring-forward period?
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?
Q&A: Do SMSFs perform better than industry funds?
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.
Q&A: Can I withdraw a lump sum after I start a pension?
Once the super account is a pension account, can a lump sum be withdrawn, say, after one year of receiving a pension from it?
Q&A: How can I recontribute my pension payments back into my super?
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?
Q&A: Can I add to super after I commence a pension?
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?
Q&A: Contributing to super prior to a pension
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?
Income support Q&As: How will super affect my disability support pension and other benefits
Sheena Stow-Smith from PensionHelp answers reader questions about how super affects disability support.
