When a member of a superannuation fund passes away, any benefit they have within superannuation must be cashed as soon as practicable.
Read MoreUnlike standard retail and industry super funds, Super SA ‘Triple S’ offers some unique benefits for its members as a constitutionally protected super fund.
The cost of retirement has hit a record high, with couples needing more than $70,000 a year to fund a comfortable retirement, and $50,000 for singles, according to ASFA.
Read MoreA person who is eligible for Centrelink or Veterans’ Affairs (DVA) payments is expected to use their own financial resources to support themself so the ability to gift to others without an impact on entitlements may be limited.
Read MoreA very interesting (and surprising) Private Binding Ruling has been recently released by the ATO (reference details at the foot of the article). In short, because a trustee (of a self-managed superannuation fund) took over 28 weeks to pay a commutation lump sum, the benefit was considered to be a death benefit and not a member benefit.
Read MoreConcessional contributions are contributions made to a super fund that are not treated as a non-concessional contribution.
Read MoreOften individuals and couples, once they are retired and receiving the age pension, will want to downsize their home to more suitable accommodation. If the individual or couple own their own home, the home is excluded from the age pension assets test, irrespective of the value of the home. But what happens to their age pension if they sell their current home to buy another home?
Read MoreA Non-concessional Contribution (NCC) is a personal contribution made to a superannuation fund by an individual for their own benefit or for the benefit of their spouse or children under 18 years of age.
Read MoreNow that the end of the 2022/23 financial year is almost here, superannuation members who are currently receiving pensions need to take certain actions.
Read MoreWhen a person is no longer able to continue living independently in their own home they may need to move into a residential aged care facility or require assistance to remain living in their own home.
Read MoreSuperannuation is a tax advantaged way of saving for retirement and makes up two of the three “pillars” of the Government’s retirement income policy. The three pillars are:
Read MoreThe age pension is income support paid by the government with the aim of ensuring all retirees have a minimum level of retirement income.
Read MoreEstate planning can be complicated for both financial advisers and clients due to legal complexities, financial considerations, and family dynamics just to name a few.
Read MoreAs the tax operates at a member level, assessments of the tax will be issued to the member and not to the super fund. The member can either pay the assessed tax personally or have the tax paid by their super fund on their behalf (with the super fund debiting the member’s account with the payment). The operation of the new tax will be very similar to the current operation of Division 293. Consequently, the ATO will initiate the tax assessments, the member will not be required to lodge any returns in relation to the tax.
Read MoreFollowing the announcement of the latest Federal Budget, please find below a summary of items that may affect you and your financial position. Surprisingly, and for a pleasant change, this years' budget included relatively few measures impacting superannuation.
Read MoreThe Australian Prudential Regulation Authority expects that by now every superannuation fund in Australia should have formulated and published a retirement income strategy. The overarching themes of personalisation and the need for advice shine through some of the more progressive funds’ strategies. Why? No single Australian’s retirement is the same—the notion of the “average” client simply doesn’t exist.
Read MoreThe clean energy and electric vehicle (EV) industries have received a major boost after Joe Biden signed into law a United States climate and tax package that unlocks US$369 billion in funding for renewable energy projects. The package, which is part of the Inflation Reduction Act of 2022, contains a number of funding provisions and support designed to spur innovation in, and adoption of, renewable energy in the United States, often viewed as a laggard on climate change.
Read MoreTreasurer Josh Frydenberg delivered the 2021-22 federal budget on Tuesday evening, March 29, outlining a number of key measures.The Treasurer revealed a $78 billion deficit (3.4 per cent of GDP), down from a $79.8 billion deficit the year before. "Over the next three years, this will more than halve to 1.6 per cent," he said. He confirmed that net debt as a share of the economy will peak at 33.1 per cent at 30 June 2026, significantly lower than the forecast last year.
Read MorePrior to Russia invasion, Gold and its miners had been among the best performing assets so far in 2022. That performance has continued following the invasion as investors seek safe haven assets. On the 7th March, the gold price shot above US$2,000 for the first time since August 2020 after the US said it might ban Russian oil exports, which would put upward pressure on already high inflation and potentially slow economic growth.
Read MoreGlobal economic growth picked up in the second half of 2021 following the lifting of mobility restrictions, and is forecast to remain above trend in 2022. The rapid spread of the Omicron variant of COVID-19 has been disruptive but is not anticipated to have a large or sustained impact on growth. Inflation in many countries has persisted at multi-year highs and has broadened in scope. Central banks in advanced economies still expect inflation to moderate, but have raised their inflation forecasts for 2022 and have emphasised the considerable uncertainty surrounding this outlook.
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