Super/SMSF

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

Tips when managing large payments from super 💰 If you are wanting to take a large benefit from your SMSF, there’s a lot to consider in working out how to structure the payment. Just taking a very large pension amount is often the worst possible thing to do. It’s easiest to explain the thought process

Four ways to increase financial security using your home equity Topping up super with a lump sum, or regular income, with the help of your home is becoming more popular. But beware of costs and the impact on pensions. Rising property prices are a reminder that retirees’ homes could be another source of income to

Three tips on handling SMSF assets when a divorce is involved Understanding the laws around self-managed superannuation funds is complicated, especially when divorce is involved, so it’s important to get good advice from a professional. SMSF members are pretty good at planning for the two great certainties in life – death and taxes. But managing