Note: This article is updated regularly when new financial advisers join the independence club (latest update May 2017). A financial adviser does not have to be a member of the IFAAA to join the SuperGuide list, provided they can declare that they satisfy the requirements of being an independent adviser (we now have 3 ... Read more
Super for beginners, part 7: Can I split my super benefits with my spouse?
Q: I am 42 years old and my partner is 57 years old. We have a very big mortgage as we are both the casualties of wealth destroying divorces and single parenthood! We intend to pay off our mortgage before putting more into our superannuation. Can I transfer part of my superannuation to his fund now, as I have much ... Read more
Age 65: Accessing your super is a right
Q: I am female and I will be 66 in a few weeks. My savings of $9,000 were used to pay for my husband’s funeral expenses. I need urgent dental, optical treatment and since I haven’t been able to save it I have not been able to do this for three years. I currently have a super fund which dwindled when the share markets ... Read more
Preservation age: I’m 58. Can I withdraw my super benefits?
Q: Can you please tell me whether I can withdraw my super benefits when I retire at age 58?A: This answer assumes that your super benefits are preserved, and the answer to your question depends on your date of birth. Under normal circumstances, access to superannuation benefits requires certain conditions ... Read more
Contributing to your spouse’s super account
Q: I’m fully employed while my wife has not been working for 18 months, and she is unlikely to return to work before the end of next financial year (end of 2017/2018 year). My question concerns maximising tax strategies for this year (2016/2017 year) and next year (2017/2018). Can I make super contributions on her ... Read more
Super for beginners, part 24: Do I have to withdraw my super when I turn 65?
Q: I retired, sold my large house, downgraded, invested spare money and one month after I invested, I lost $50,000 just like that. I would like to know whether I can keep my super going beyond age 65, maybe to age 67 to help recoup my losses on my outside investments?A: I’m very sorry to read about your ... Read more
SuperGuide checklist: 10 more ways to boost your super
Note: This is the second article in a special two-part series that SuperGuide updates regularly, designed to help SuperGuide readers plan for retirement. This article, and the first article in the series, Super checklist: 10 ways to save your super (link also appears at the end of this article), is accompanied by links ... Read more
SuperGuide checklist: 10 ways to save your super
With so much change surrounding the super rules from 1 July 2017, you may be tempted not to focus on your super and retirement plans because of these super changes - in particular, a cut in the contributions caps for both after-tax contributions, and before-tax contributions, and a new limit on super amounts ... Read more
Super for beginners, part 4: My son’s super account is bleeding fees
Q: I am inquiring on behalf of my son who is unable to work at this stage of his life. It has been three years since he worked. He doesn’t have much in his super fund and it is going down every year. Is there any way to stop the bleeding of his funds? I will be ever grateful if you could help.It is not clear from ... Read more
Salary sacrificing and super: 10 facts you should know
Salary sacrificing superannuation, by making before-tax super contributions, is a popular strategy for employees on middle-to-high incomes. The deal is that you increase your superannuation balance (and pay 15% contributions tax, and for those earning an adjusted taxable income of more than $300,000, pay 30% tax on ... Read more
Super for beginners, part 14: Save tax – Supply TFN to your super fund
Here’s a tip that can potentially save you thousands of dollars. Check that your super fund has your tax file number.If you joined a super fund before July 2007, or started your current job before July 2007, then your fund may not have your TFN.Today however, (today means, effective since 1 July 2007), when you ... Read more
Super for beginners, part 25: Is super worthwhile if I’m earning less than $37,000?
Q: Great site! Lots of excellent information. I now work part-time, earning just under $37,000, and wondered whether I should bother with super. I am pretty sure I will get the Age Pension, and based on my income I reckon I would be better to save outside super and pay less tax, rather than have my earnings taxed in ... Read more
