This very issue was the subject of a recent private binding ruling (released 25 March 2024). The taxpayer had for a number of years (actual number was redacted in the published ruling) made personal superannuation contributions for which the taxpayer claimed a tax deduction. The actual amount of each of these contributions was not provided in the published ruling.
With an increasing number of elderly parents living with their adult children is it possible that an adult child of a deceased parent could, on the death of the parent, receive their parent’s superannuation tax free?
According to one adviser, once younger Australians understand how financial advisers are helping clients, they will be clamouring to join the profession.
Read MoreA new report has underscored the importance of financial advice in retirement planning and stressed the necessity for both advice and innovative products from superannuation funds in a well-rounded retirement ecosystem.
Read MoreEvery transition in life is difficult. Humans are creatures of habit and we tend to find change challenging. Going from a regular paycheck to funding life from a portfolio is a night and day experience for many investors. It also changes the strategy and approach we take as investors.
Read MoreOne of the biggest challenges in investing is the transition into retirement. Walking away from your career requires confidence that you have enough savings to last for the rest of your life.
A new report suggests most Australians want to share their wealth with the next generation but are unsure of the best ways to do it.
Read MoreConcessional contributions are contributions made to a super fund that are not treated as a non-concessional contribution.
Read MoreA general rule of thumb is that when you retire, you will need about 2/3 of your current income to be able to comfortably make ends meet. Will your current super arrangements meet this requirement, or will you need to make extra payments or consider other investment options?
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