With a significant number of Australians approaching retirement and looking at the best ways to maximise their retirement assets and income from their super for it, retirement planning makes sense. Unfortunately, there are those who want to target people approaching and planning for their retirement with schemes designed to ‘help’ retirees and prospective retirees avoid…
One of the benefits of establishing or opting for an SMSF is due to the control they are given over where the money is invested. While this sounds enticing, the downside is that they involve a lot more time and effort as all investment is managed by the members/trustees. They are also often the targets…
Paying super is compulsory for all employers, regardless of whether their staff are employed part-time, full-time or contracted. It’s important to remember that paying super for your workers isn’t a ‘tax’ or form of government revenue; it’s an entitlement to serve your workers in retirement. With regular changes being introduced in regards to super contributions,…
The Federal Budget was released last Tuesday, announcing key changes to taxation and business. For superannuation, the minimum pension drawdown amount was in the spotlight. The reduction in the minimum pension drawdown amount for superannuation pension recipients has been extended for another year by the Federal Government, as announced in the Budget for 2022-23. The…
Regardless of the careful planning you dedicate to your retirement, individuals who leave the workforce to retire and access their super may decide they want or need to return to work. Understanding how the choice to exit retirement can impact upon your superannuation is important; disregarding the potential risks involved with returning to work after…
Most people will want to keep as much money in their superannuation account for as long as possible. One of the primary reasons behind this is that the longer the superannuation has a chance to stay within the account, the more returns may be seen (depending on how the investment assets are performing). Often, people…
Strict investment rules govern how trustees can acquire assets through self-managed super funds (SMSF) from related parties When it comes to acquiring an asset from a related party, a trustee must ensure it is an ‘arm’s length transaction’, in other words, the asset is purchased at market value. These rules not only apply when purchasing…
Disasters, be they natural or man-made, can happen to anyone. It could be a car accident, a tree crashing through the roof, or a bushfire hitting your residence. In any case, an event that causes significant harm or impact that affects someone’s everyday life in an adverse way is never pleasant. Thankfully, as a society,…
If you’re working while visiting Australia as an international traveller or are a university student from overseas and earning superannuation, it’s important to remember that you are actually allowed and able to access that money (and before you hit your retirement). People who have visited Australia under a temporary visa, and been employed in a…
Involvement in an SMSF can put certain responsibilities in their trustees hands, and those who overlook important details or find themselves reported to the ATO for failing to fulfil those responsibilities may risk incurring financial, civil or criminal penalties. As SMSFs often involve multiple members, the risk of non-compliance grows. You might be doing the…