Superannuation
Understanding the new $3m super tax
The much-debated tax on superannuation balances over $3 million is inching closer and those who may be affected should ensure they have considered the implications. Although it is not yet law, the Division 296 tax should be taken into account when it comes to investment strategy and planning, particularly in relation to any end-of-financial-year contributions…
Read MoreShould I buy insurance through my super?
While we all hope for good health, the reality is that some of us may struggle at times with sickness or injury. And that may affect your family’s financial wellbeing. Different types of life insurance or personal insurance can provide an income when you’re unable earn, or a lump sum to protect your loved ones…
Read MoreFlexing your retirement plans
The concept of retirement plans are changing, with fewer people working towards a final retirement date and then clocking off for good. Instead, those who have the flexibility to choose are often transitioning out of the workforce over several years, or even returning after a break. Whether you simply want to wind back your working…
Read MoreHow much super do I need to retire?
Working out how much super you need to save for retirement is a question that keeps many pre-retirees awake at night. Recent market volatility and fluctuating superannuation balances have only added to the uncertainty. So it’s timely that new research shows you may need less than you fear. For most people, it will certainly be…
Read MoreA super end to the financial year
As the end of the financial year approaches, now is a good time to check your super fund and see what you could do to boost your retirement nest egg. What’s more, you could potentially reduce your tax bill at the same time. There are a handful of positive changes to super due to start…
Read MoreSuperannuation Downsize Incentive
Is it a good idea to downsize your home to upsize your super? By Rachel Lane Since 1 July 2018 Australian seniors have been able to make what is known as a “Downsizer Contribution” to their superannuation fund of up to $300,000, which means if you are a couple, you could get a combined $600,000…
Read MoreAvoid the rush: Get ready for June 30
It seems like June 30 rolls around quicker every year, so why wait until the last minute to get your finances in order? With all the disruption and special support measures of the past two years, it’s possible your finances have changed. So it’s a good idea to ensure you’re on track for the upcoming…
Read MoreFinally, a super idea for extra retirement income
The federal government’s recent “Retirement Income Review” pointed out that many retirees live on just the income from their superannuation, rather than drawing down on the balance as they progress through retirement. This seems to be partly due to the major misunderstanding that this is how the system is supposed to work, and partly because…
Read MoreCounting down to June 30
It’s been a year of change like no other and that extends to tax and superannuation. As the end of the financial year approaches, now is a good time to check some new and not so new ways to reduce tax and boost your savings. With so many of us confined to our homes over…
Read MoreManaging investment risk in uncertain times
2020 exposed investors to the end of a bull market and the start of a global recession, all caused by a totally unexpected global pandemic. The outlook for the global economy and investment markets remains uncertain until an effective vaccine is available. While there is cause for optimism now that vaccines are becoming available, the…
Read MoreStrategies to rebuild super after early access
If you’ve accessed your super early due to COVID, there are a number of strategies that can help you get your super back on track, when the time is right. Three strategies to rebuild your super There are three key strategies that could help you boost your retirement savings between now and retirement. 1. Allocate some…
Read MoreSmart super strategies for this EOFY
Want to help boost your retirement savings while potentially saving on tax? Here are five smart superannuation strategies to consider before the end of the financial year. 1. Add to your super – and claim a tax deduction If you contribute some of your after-tax income or savings into super, you may be eligible to claim…
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