Unlisted assets make up a growing and significant portion of many industry superfunds. AustralianSuper had 26.6% of their funds in unlisted assets at March 2022. Australian Retirement Trust’s Super Lifecycle investment strategy (Balanced) is 32.93% at June 2023. Nearly 50% of Hostplus’ Balanced MySuper option is in unlisted assets.
When planning for retirement the first step is to provide a cash reserve and the second step is to establish a secure income. A secure and stable income will provide you with peace of mind that you are able to cover your everyday living expenses.
Read MorePension payments in super after the age of 60 are tax free and anyone over 65 can switch their super into a pension account even if they do not change their employment. Why do so many continue paying 15% tax?
Read MoreContribution caps apply to both concessional and non-concessional contributions.
Read MoreWhen 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.
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South Australia’s Business Innovation and Investment Program (BIIP) is now open for the 2022-23 program year. The Business Migration program seeks to attract high quality business owners, investors and entrepreneurs who can create genuine and sustainable business opportunities in South Australia, including in the regions, that benefit the State’s economy, local businesses and the workforce.