From 1 July 2018, you may be able to choose to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home provided that you are 65 years old or older and meet the eligibility requirements. The government passed a policy...
There are rules around accessing your super early and breaking these rules accompanies heavy penalties. You'll need to work out if you will access your super as a regular pension, a lump sum or a combination of both upon reaching your retirement. A retiree should reach...
Making plans for the aged-care years can be less exciting but equally important as planning your retirement. We are all likely to experience losing some of our physical activity as we age and may experience some cognitive decline. But this does not mean that we...
An international survey published by the American Academy of Actuaries, the Institute and Faculty of Actuaries and the Actuaries Institute of Australia shows that people in the United States, United Kingdom and Australia are struggling to prepare for retirement because of increasing demands on them...
Setting up an SMSF is relatively easy compare to winding it up. It is indeed important to have an exit strategy before setting up your SMSF to avoid costly conflicts in the future. Some of the probable reasons why would people want to get out...
Self-Managed Super Fund (SMSF) should be set up correctly to make sure it is eligible for tax concessions, can receive contributions and is as easy as possible to administor. In setting up an SMSF, you need to: Consider appointing professionals to help you You may want to get...
I noticed that my recent posts were all news and updates related to Self-managed Super Funds. And this made me wonder, do my readers still remember exactly what is the meaning, how does it work and what are the benefits of SMSF? To help my readers...
Due to the significant changes the Australian Taxation Office (ATO) is implementing from 1 July this year, major banks have tightened their lending requirements, making alternatives such as bank loans more difficult to obtain and this could reduce the investment capacity of trustees. Westpac has just announced changes...
The ATO confirmed that it will extend its lodgement due date for 2015-2016 Annual Returns. This is due to the struggles that SMSF professional community is facing to get their clients compliant with the superannuation reforms that will take effect this coming 1 July. The ATO...
Before we proceed to discuss the new proposal of the government for TRIS, let us define first what is Transition to Retirement Income Streams (TRIS). The transition to retirement measure allows people who have reached their preservation age to have access to their superannuation benefits without...