Next week marks the start of winter and also the last month of what has surely been the most bizarre financial year in history. June 30 is a deadline for a whole range of things, so in this article we want to remind you of some of them. As the weather has gotten colder, why not make yourself a nice warm drink and read on.
In recent weeks we have discussed various Commonwealth responses to the Coronavirus. One response that has received relatively little ‘airtime’ is the announcement that people drawing account-based pensions from their super fund can reduce the amount they must withdraw in this and the coming financial year.
Amid the raft of measures announced by the Commonwealth Government last month, one of the more contentious was the decision to allow limited access to superannuation benefits to people who are ‘under-age.’ This change took effect from Monday of this week. Whether withdrawing makes sense in your case depends very much on your unique situation.
When it comes to estate planning, many people overlook their superannuation. This is risky, because superannuation does not necessarily form part of your estate. This means that your regular legal will may not address what happens to your super when you no longer need it.
Every year we make it a point to write at least one blog article on consolidating super. Consolidating super is where benefits held in two or more super and funds are rolled over into a single fund - either one of the existing funds or a new fund altogether. Over time, consolidating super can have a substantial impact on your retirement benefits.
Usually, to get a tax deduction, you need to spend money. And spending money makes you less wealthy. However, there is one kind of ‘expense’ that lets you have your financial cake and eat it too. Read on while we explain.
If you have a spare $1000, you might consider making an extra contribution to your super fund. If your income is otherwise low, the Commonwealth government will give you up to an extra $500.
Superannuation benefits are not automatically subject to your will. That means the trustees may not send the money where you want it to go when you die. But there is a solution! Read on.
'Super splitting' is not just a term for managing super when a couple separates. Couples who remain together can also split super between themselves. This opens up a raft of planning opportunities, which we explore in this week's article.