Aussies losing $2.75bn in compulsory super payments each year: ASFA
According to the Association of Superannuation Funds Australia (ASFA), Aussies are losing $2.75 billion each and every year through non-payment of their superannuation by employers. ASFA estimates that this is impacting 650,000 Australian workers each year, with the average person losing nearly $4,000 per annum in super which is the equivalent to 9 months SGC […]
When can you withdraw your super?
For many Australians superannuation is the largest asset they will ever own, outside of their own home. With the rules changing every few years and the contamination of changing Centrelink Age Pension ages, it can be confusing working out exactly when you will be able to access your super benefits. First things first, you must meet […]
Minimum superannuation pension payments for SMSF
You’ve worked hard all your life, and you’ve finally reached the point where you can start to draw down on your superannuation. You may have fully retired, or you could be partaking in a transition to retirement strategy. Either way, you have met the conditions of release, and you are ready to draw down. One […]
Super contributions caps for the 2015/2016 year
As the end of the financial year rapidly draws to a close, have you thought to check your super contributions? Below is a brief overview of the superannuation contribution caps for the 2015/2016 financial year – don’t leave it too late! Concessional (before-tax) contributions 2015/2016 A concessional contribution is a contribution that is made by […]
Centrelink Asset Testing has changed for Account Based Pensions
So what has changed? Up until the beginning of 2015, Account Based Pensions (ABP’s) were treated favourably by Centrelink and DVA, and assessed under the income test rules based on the level of income that they were producing in order to determine how much income support would be paid. From 1 January 2015, ABPs will no longer have the income test […]
The top 3 issues that every pre-retiree should be aware of
For most Australians, a comfortable retirement is a long term goal that remains in the back of our minds for many years. Many of us (especially the baby boomers), watched our parents & grandparents struggle along on a Government pension and vowed never to do so ourselves. The Australian Bureau of Statistics (ABS) survey in […]
Self Managed Superannuation Funds and Property Investment
Property investing through your self managed superannuation fund (SMSF) can be a great way to create wealth for your retirement. Investing in property can be an effective way to diversify your superannuation investments, and any income from the investment property, including capital gains, may be taxed at concessional rates. This could mean a financial saving […]
Changes to how superannuation pensions affect social security benefits
From 1 January 2015, income from superannuation pensions will be taken into account in determining whether you are eligible to receive the Age Pension (full or part payment) or the Commonwealth Seniors Health Card (CSHC). This might affect your ability to access either of these social security benefits in the future. The social security means […]
Can self-funded retirees access a concession card?
Many self-funded retirees are surprised to learn that they may qualify to receive a concession card upon ceasing work, despite not qualifying for any Government Age Pension or DVA payments. Most Centrelink benefits require applicants to meet income and/assets tests before they can qualify for a benefit, and whilst the Commonwealth Seniors Health Care card […]
How much superannuation is enough?
We all like to think that when we reach retirement age, our superannuation will have enough in it from our employer contributions to start drawing an income that will keep us going until the end. For many Australians however, this sadly won’t be the case. It is never too early to start examining what you […]