Individuals looking to buy their first home may claim up to $30,000 of their super contributions through the First Home Super Saver (FHSS) Scheme, which aims to reduce pressure on housing affordability. The scheme allows first home buyers to save money within their superannuation fund and accumulate faster savings with the concessional tax treatment of…
The Government’s economic response to coronavirus will provide SMSFs and their members with additional support, including reducing minimum drawdown rates and early release of superannuation. The minimum annual payment required for account-based pensions and annuities has been reduced in an initiative to assist retirees. For the 2019-20 and 2020-21 financial years, the minimum annual payment…
Longevity risk is a common and important factor to consider when planning for your retirement funds. Longevity risk refers to the risk of outliving your savings and arises as people enter retirement, and in most cases, with a fixed amount of money to use during their retirement years. Managing your longevity risk is important because…
Under the coronavirus stimulus package released and revised by the Australian Federal Government on 22 March 2020, individuals in financial trouble due to the negative economic impacts of COVID-19 will be able to access their superannuation funds early. However, while the option is available, it is recommended that individuals only consider withdrawing from their super…
While the coronavirus has been causing Australia’s economy to take a recessive turn due to reduced cash flow, there is still no reason to panic about your superannuation investments just yet. However, if you are a middle-aged worker or a soon-to-be retiree, reviewing your superannuation investment strategy may prove helpful for other future unexpected economic…
Shares and property are two popular investment options for those with a self-managed super fund (SMSF). However, they both have very different attributes and choosing the one that will achieve the best outcome for an SMSF depends on your personal goals and situation. While the price of shares can vary drastically, property is a relatively…
One of the downsides of running a self-managed super fund (SMSF) are the fees, but making sure you know what SMSF expenses are deductible can help you make the most out of your money. Many expenses required for running an SMSF can be deductible unless they are related to gaining non-assessable income, such as exempt…
Since the second half of 2019, industry super funds have begun to merge their organisations in an effort to combat APRA’s growing potential in taking action against trustees of underperforming funds. While supers are assuring their members that funds are only merging for their best interest, what exactly will the merging of your super fund…
Whether you are a newcomer to the workforce or have been working full time for 30 years, you must have come across the concept of superannuation. Chances are, you’ve already been steadily building your retirement funds in one of the 500 Australian superannuation funds but are still unfamiliar with how exactly your super is being…
If you’ve unintentionally been going over your superannuation concessional contributions cap in past years, you may not have to worry about it from now on. As of 1 January 2020, eligible individuals with multiple jobs can apply to opt-out of receiving super guarantee (SG) from some of their employers. You may be eligible to apply…