As of 1 July 2018, the Government will introduce a new measure that allows the contribution of up to $300,000 of proceeds from downsizing a home to be added to superannuation. The new measure will benefit those aged 65 years and over, provided they meet certain eligibility rules including: The amount you are contributing is…
Setting up your self-managed super fund can be a daunting process; you want to ensure you are covering all legal requirements throughout the process. The Australian Taxation Office has outlined steps to take when setting up your SMSF to ensure you are eligible for tax concessions, able to receive contributions and looked after if a…
Running a self-managed super fund can be a great strategy for your super and your retirement, provided you manage it correctly. To ensure you can enjoy the later stages of life and retire comfortably, you will need to be aware of common SMSF mistakes and how to avoid them. Record keeping Bad record keeping when…
Deciding where to allocate your assets can be confusing and even daunting, particularly if you aren’t confident in your knowledge of the current financial sphere. Consider the following in’s and out’s of asset allocation to make the process much easier: Set goals Goal-setting is extremely important, particularly when it comes to your money. When deciding…
No matter the kind of superfund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your next egg is vital. When it comes to superfund fees, there are two factors you need to get your head around; the kinds of fees you…
With much controversial discussion surrounding the First Home Super Saver Scheme, understanding exactly what the Scheme entails is necessary. The scheme was announced in the 2017-18 Federal Budget as a means to reduce the pressure surrounding housing affordability across Australia. The formalities of the scheme are as follows: As of 1 July 2017, individuals can…
Many Australians opt for a self-managed super fund but fail to understand how to truly make it perform optimally. If you have an SMSF and are serious about maximising your returns, consider the following: Risk Without taking risks, you won’t be able to experience great profit. However, there you still need to be cautious of…
The superannuation transfer balance caps have been problematic for SMSF members who don’t take careful consideration when succession planning. Failure to understand the impact of these transfer balance cap changes can have on your finances may force you to transfer large amounts of money out of your super. The transfer balance cap of $1.6 million…
Opting for a self-managed super fund (SMSF) can be a clever financial decision, but it’s not for everyone. If you aren’t prepared to adhere to the following tips, your SMSF will most likely fail to perform as well as you would of hoped it to. Stay informedYou can’t expect your SMSF balance to be the…
Superannuation funds in Australia have delivered a return of 10.5 per cent for 2017 – the first double-digit growth since 2013. According to recent findings, there was a 1.3 per cent rise in November 2017 and 0.6 per cent rise in December 2017 alone. The new figures mark the sixth consecutive year of positive returns…
