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John Wasiliev

This Month

The application process is lengthy but you’ll be able to relax knowing prescriptions will be cheaper.

Why the Commonwealth Seniors Health Card is so sought-after

The card extends lower-cost health and medical services enjoyed by government age pensioners to self-funded retirees.

December 2024

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What happens to our SMSF if we die together?

Self-managed super funds aren’t covered by wills, so special arrangements need to be in place for when the final member dies, or if the members die together.

Can I build my super balance to $1.9 million by contributing the proceeds of the sale of my business?

I’m selling my business for $5m. How much can I put into super?

Special tax relief is available for small business owners who sell and contribute some of the proceeds to super.

A bonus on top of your super when you retire is a feature many funds are using to attract new members.

What is a pension ‘bonus’ and should I switch super funds to get one?

You might receive an additional $2500 on a balance of $500,000 or $9500 on a balance of $1.9 million, but funds typically impose clawback conditions so be careful.

A downsizer super contribution can be made after the age of 55.

How to navigate the downsizer contribution rules for super

You can take advantage of the generous downsizer contribution provision from age 55 and there is no upper age limit, although the entitlement can only be used once.

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November 2024

The minimum pension amount begins at 4 per cent for retirees aged under 65.

How do I make sense of all the different superannuation caps?

The transfer balance cap is $1.9 million but after you start drawing a pension, there is no limit on investment earnings.

Since your wife is over 65, she can start a pension at any time but will need to withdraw 5 per cent of the balance each year.

We have $5m in super as a couple. How can we contribute more?

The maximum amount of super that can be transferred into a tax-free pension account is $1.9 million, although investment earnings can grow the balance without penalty.

Distressed investors have contacted AFR Weekend after they read our story about Alex and David Didlock.

Hundreds of SMSFs may have been misled into this illiquidity trap

The financial complaints authority says two people who set up SMSFs based on bad advice are owed almost $400,000. Hundreds of others may be in the same boat.

October 2024

Alex and David Didlock.

This couple put their life savings into an SMSF. They can’t get it out

Alex and David Didlock say they were misled by a financial adviser who promised better returns and maximum liquidity. Now they’re being told they might never see their money again.

If your super is paying you a pension, this will stop when you die unless you have nominated your spouse as a reversionary recipient.

What’s the best way to transfer super to a surviving spouse?

In some cases, no formal death benefit nomination could be the best option because it provides flexibility.

The changes apply to a suite of pre-2007 pension products.

At last, Labor has a plan for legacy pension exits

After years of delay, the federal government has produced regulations that will release retirees from restrictive legacy pensions.

September 2024

Centrelink pension payments are often calculated according to the combined assets and income of a couple.

How to maximise pension payments if one spouse is younger

Keeping a younger spouse’s super in accumulation phase can have the benefit of improving the age pension entitlement of the other person.

Engaging a strategic investment adviser could help you take a step back from running your SMSF.

I’m 74 and want to run my $10m SMSF with less fuss

A wealth manager can help you with investment strategy, administration and accounting. But choose wisely by checking their qualifications.

Term allocated pensions, which belong to a group of pensions introduced between 2004 and 2007, have very different rules.

Help! I’m trapped in my legacy pension product

A reader with $4.3 million in superannuation wants to know how he can exit an outdated, market-linked pension.

August 2024

A question of super.

My short-term memory is a worry – should I close my DIY super fund?

Many retirees with SMSFs worry about diminished capacity as they get older – this is what to do.

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A question of super.

With $3.2m super, this couple wants a transition to retirement

Where one person is already retired and the other is still working full-time, what is the best way to manage retirement savings?

  • Updated
When money is transferred between members of a couple the gifting rules do not apply.

Couples go under the radar when it comes to gifting rules

It means they will not face age pension cuts when moving super between their accounts to maximise opportunities.

My wife can’t work any more – how do we handle her insurance payout?

The tax rules on super policy payments are complicated when you’re younger – this is how they work.

Having more money brings us greater control over our daily lives, which can make us happier.

Can I access my super if I sell my business and go part-time?

Even if you have not yet turned 65, you may be eligible to start a transition-to-retirement pension.

July 2024

Selling a holiday home and putting the proceeds into more traditional income producing assets, such as listed shares, might be wise.

Why the beach house might be cramping your retirement style

Holiday homes are great, but they don’t produce retirement income and might limit your age pension payments.

Original URL: https://www.afr.com/by/john-wasiliev-j7gez