Investing through superannuation is often done due to the lower tax rates on super than what most people actually have to pay. A super fund only pays 15% tax on what the fund receives. When contributions are made to the super fund, it will only pay 15% tax on those contributions. If you’re in a…
The way in which a self-managed super fund is structured could change its legal compliance requirements. If you are in the process of setting up an SMSF, you will need to make a decision about how to structure it appropriately to suit. An SMSF can be structured as a single-member fund or a multiple-member fund,…
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…
Australia’s SMSF sector has experienced tremendous growth over the past decade, with a vast majority of funds now being set up with two members, usually a husband and wife or de facto couple. While sharing an SMSF has become a popular option amongst couples, SMSF members need to be aware of the rules that govern…
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,…
No matter the kind of super fund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your nest egg is vital. When it comes to super fund fees, there are two factors you need to get your head around; the kinds of…
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…
You may be able to claim a tax deduction for any personal super contributions you may have made to your fund out on your next income tax return. But to do so, you will need to ensure that you have lodged a notice of intent with your superannuation fund prior to claiming and by a…