Super/SMSF

The truth about retirement calculators: How reliable are they? 🧐💻 Understanding your retirement needs Retirement planning is one of the most important financial decisions Australians over 60 need to consider. One key question: How much money do you really need to retire comfortably? While superannuation funds are expected to assist members in calculating this, research

Managing your SMSF in later years: When to consider making changes 📝 As you age, managing a Self-Managed Super Fund (SMSF) can become increasingly difficult, especially if memory or cognitive issues arise. For older Australians with an SMSF, there comes a time when deciding whether to continue managing it or to wind it up becomes

What to do when a Self-Managed Superannuation Fund (SMSF) member dies 📄❤️ If a member of a self-managed superannuation fund (SMSF) passes away, it’s natural to think you need to act quickly. However, while there are important decisions to make, you usually have plenty of time to get everything right without rushing. When a member

Turning 75 and Super Contributions: What You Need to Know 💸🧐 Turning 75 is a significant milestone for super contributions. After this age, making contributions other than “mandated” (Super Guarantee) or downsizer contributions becomes nearly impossible. Here are the key points and some nuances to consider. Key Date: 28th of the Next Month The critical

Superannuation Opportunities for the 2023-24 Financial Year 💰📈 With the new financial year underway, it’s an opportune time for retirees to review their financial strategies for 2023-24, especially concerning superannuation. Here are some key superannuation opportunities to consider:   Concessional Contributions The pre-tax concessional contributions cap remains unchanged at $27,500. This allows you and/or your

Five tips to kick off your super pension Thinking of retirement? Read this before you start an income stream to make the most of tax perks, sputter splitting and inheritance. No matter what time of the year you start your pension (July 1 is the most popular day of the calendar for self-managed super funds),

New rules mean you can get a Commonwealth health card on $90,000 What you need to know if you want cheaper medicines, medical expenses and other concessions that will save you money as a self-funded retiree. The increases in the income test allowances for the Commonwealth Seniors Health Card (CSHC) for self-funded retirees in the

What happens when a pensioner dies? ❤️ When anyone dies, someone else will receive their super. There are rules about who that can be (for example, for most people it will only be their spouse, children or their estate). The group that can receive that super as a pension is even smaller. In fact, it’s

Should you wait until starting a pension before selling assets in your SMSF? These days, many SMSF members know that their fund stops paying income tax on some or all of its investment earnings (rent, interest, dividends, capital gains) when it starts paying “retirement phase” pensions. A “retirement phase” pension is usually a pension that