This Month
Should I move $6m in super to term deposits to avoid tax?
A term deposit might feel safe as Labor introduces additional tax on high-balance accounts, but do your homework.
The 5 things you must do if you have a self-managed super fund
Consider who will execute your binding death nomination, sell assets and wind up the SMSF.
October
The easy way to check you’re being paid the right amount of super
The ATO has substantial powers to investigate the underpayment of super and even penalise employers who do the wrong thing.
Will my super pension still be tax-free if I have $3 million plus?
The tax-free status of super pensions will not change because Division 296 is levied on individuals whose total super balance exceeds the $3 million and $10 million thresholds.
How to safeguard your SMSF from a dementia diagnosis
Appoint a corporate trustee and finalise a binding death benefit nomination for smoother succession planning when faced with future incapacity, experts advise.
September
My wife is getting my super and insurance. What are her options?
Superannuation law requires that death benefits be dealt with as soon as practicable after somebody passes away.
Why your SMSF auditor is suddenly so interested in valuations
The additional evidence about your unlisted holdings is required because such entities are harder to value and therefore more difficult to audit.
August
Is a binding death nomination or reversionary pension best?
Here are the options when nominating the people who will benefit from your superannuation on the event of your death.
Is it still worth contributing to superannuation once I hit $3m?
If you’re fortunate enough to be nudging $3 million, super is no longer the only game in town.
Should I take my super fund to court for a timing error?
The ATO does not have the power to amend the dollar amount recorded as your balance on the day you commence an account-based pension.
July
Can my SMSF sell these assets to family without landing in trouble?
There are no restrictions on selling self-managed super fund assets to a related party as long as you are paid the market rate.
How do I maximise my tax-free pension if I give money to the kids?
Keeping your pension account as large as possible and running down your accumulation account is a sensible strategy.
Can I stop my super pension and then restart it again later?
When you start a pension, the system creates a personal transfer balance account that tracks all your retirement phase transactions for life.
What if my late spouse’s super pushes me over $3m?
Readers have been peppering us with questions about Labor’s proposed tax on super balances above $3 million. Here are three.
June
How defined benefits pensions will be treated under Division 296 tax
Defined benefit pensions may present special challenges, but they will not escape the government’s proposed $3 million super tax.
How insurance payouts will be treated under Division 296 tax
Life insurance payouts for death, disablement and terminal illness will be included for the purposes of calculating the additional tax.
How can my SMSF qualify as a ‘sophisticated’ investor?
Consumer protections are far greater for retail investment products than those sold to wholesale investors.
May
This is the No.1 misconception about the $3m super tax
Only a portion of earnings will be taxed at 15 per cent, which means tax bills will be lower than people think.
How much extra tax will I pay if my super balance is $3.1m?
An important consideration you will need to know is the imposition of the new Division 296 tax on individual superannuation balances, assuming it becomes law.
Help! I still don’t understand how all the super caps work
The super system features a range of limits designed to restrict tax advantages to levels parliament has deemed reasonable – and their interaction is complex.