Superannuation

Reversionary beneficiary nominations

Reversionary beneficiary nominations

Ensuring your affairs are in order before your passing is an integral part of estate planning. Given this, it’s vital to understand that your super death benefit isn’t necessarily distributed via your will. For example, your super death benefit may be paid to your legal personal representative (the executor or administrator of your estate) when: 1. You elect your…
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Coronavirus Why withdrawing superannuation early is a mistake

Coronavirus: Why withdrawing superannuation early is a mistake

Australians who have taken a hit due to the COVID-19 pandemic will be able to apply for the early release of their super within days – but experts warn the result could be disastrous. The Federal Government recently announced retirement funds would be made available to those experiencing financial hardship because of the coronavirus crisis.…
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Retirement and the transfer balance cap TBC

Retirement and the transfer balance cap (TBC)

When looking to partially or fully fund your retirement lifestyle from your super benefits, there are several options available. Depending on your personal circumstances, you can choose to take your super benefits as: 1. a lump sum, 2. a retirement income stream, or 3. a combination of both.   Most of us choose the third option; we take our super…
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Age Pension entitlements Gifting and deprivation rules

 The Government’s Age Pension remains a vital source of income for many older Australians in retirement. For example, in June 2018, 2,477,861 million people aged 65 and over received at least a partial Age Pension; this represented 64.15% of the total number of older Australians (3,862,591 million)*^. Importantly, there are specific eligibility tests (age, residency, assets and income) that need to…
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Accessing Superannuation When Affected by the Bushfires

 Shartru – access to superannuation   With the devastating impacts, the Australian bushfires are wreaking on our physical environment thought must be given to those individuals and families who face the potential loss of regular income through employment or self-employment and those businesses which may face extended periods of closure, minimal trading and significant loss…
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Australia’s three-pillar retirement income system

 Depending on your personal circumstances, your retirement income may come from a variety of sources. For example, investments (inside and/or outside super) and social security entitlements, such as the Age Pension. These sources of retirement income are important to understand; especially if, for example, you envision yourself enjoying a particular type of lifestyle in retirement. Given this, in…
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SMSF Strategies

 Maximise super contributions Super members face the challenge of trying to maximise contributions into the concessionally-taxed super system while not falling into the potentially costly trap of overshooting their contribution caps. If you are in a position to contribute to contribution caps and you don’t, you have lost a tax-planning opportunity, If you don’t use…
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Top 5 Superannuation Mistakes

 1. Having multiple super funds Multiple funds means multiple fees and likely multiple insurance policies and premiums. The number one mistake we see is not having all of your super in the one fund. How can you keep track of performance & fees where you have two, three or even four funds? Number one super…
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The top 10 facts about account-based income streams

 As retirement moves closer into focus, you might start to give a thought towards the options available to you. Especially, in terms of utilising the accumulated wealth inside of super, to fund your retirement lifestyle. It’s important to understand that there are several options available to you; for example, depending on your personal circumstances, you can…
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