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
Estate planning: How can a SMSF live forever?
Q: It has been suggested, that a family self-managed super fund (SMSF) can become a multi-generational tax haven, which can go on into perpetuity, provided that you establish a special corporate trustee, as well as a SMSF Will. I thought that the super money could not remain in the fund indefinitely because eventually ... Read more
Super contributions before and after age 65
Q: I have a three part question.I turn 65 in January 2018 and would like to make a $325,000 contribution by way of off-market share transfers and cash to my SMSF before I turn 65 ($25K deductible super contributions and $300K non-deductible under the bring forward rules). Will I be able to take advantage of the ... Read more
Who can make tax-deductible super contributions?
Note: Since 1 July 2017, all eligible Australians under the age of 75 can claim tax deductions for personal super contributions, subject to the annual concessional contributions cap. Such a measure can assist Australians who may be partly self-employed and partly employed, or individuals who work for employers who ... Read more
Investment scams target males aged 50-plus
Every few years, research is published listing the typical investment scams and the unlucky targets of investment fraudsters. The most alarming trend is that investment fraud is becoming more serious and more organised, based on information published by the Australian Crime Intelligence Commission, and the main targets ... Read more
Retirement planning: Six dangers when seeking financial advice
I have been writing about, or working in or on the sidelines of the financial services industry for 30 years now, and the regulator and the advising industry are still, in 2017, grappling with how Australians make investment decisions and the influential role that advisers and financial organisations hold in ... Read more
Super health check for beginners: 10 tips for your 2017/2018 retirement planning
Note: This article is current for the 2017/2018 financial year.Near the start of each financial year, SuperGuide publishes an updated super checklist for beginner readers. More advanced checklists will follow in coming months. Use this list as a kick-start for your 2017/2018 super resolutions. You may not keep all ... Read more
Boost your spouse’s retirement kitty: 10 things you need to know
These days it’s rare for a government to be more generous about handing out benefits, but when it comes to helping boost your spouse’s super, that infrequent event is set to happen.From 1 July 2017, the maximum income threshold for the spouse contributions tax offset jumps from its current measly upper limit of ... Read more
Your 2017/2018 guide to non-concessional (after-tax) contributions
Note: This article explains the rules applicable to non-concessional contributions for the 2017/2018 year, and explains the rules applicable for the 2016/2017 year. You can also find information about the lower non-concessional cap, effective from 1 July 2017, in SuperGuide article New $100,000 cap: Cut to ... Read more
Cashing in on the co-contribution rules (2017/2018 year)
Note: This article explains the co-contribution rules for the 2017/2018 and 2016/2017 years (and later in the article, also for the 2015/2016, 2014/2015, 2013/2014, 2012/2013 and 2011/2012 years).The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their ... Read more
Do I have to be working to make super contributions?
The answer is no, if you’re under the age of 65. An Australian under the age of 65 can make super contributions whether they are working, rearing children, looking after a sick partner, recovering from illness or on an extended holiday.If you are aged 65 or over then you must satisfy a work test if you’re seeking ... Read more
I’m retired. Can I make super contributions?
Q: If I have retired from work and later on inherit a reasonable sum of cash, can I make a non-concessional contribution into my superannuation fund? OR is that only permitted while I am working, regardless of my age?A: For the benefit of other readers, I will first explain the meaning of a non-concessional ... Read more
