When it comes to investing, there is always a certain amount of risk involved. The key to a great investment strategy is to discern how much risk you are willing to take. The risk profile of your superannuation investment strategy should be determined by combining your financial goals and the time frame in which you…
You must make a binding death benefit nomination to maintain control and certainty over who will inherit your superannuation assets after you pass away. Contrary to what you may think, your will does not automatically control the payment of your death benefits. If you do not make a binding death benefit nomination, your super trustee…
Superannuation may not be the first thing that springs to mind as a self-employed individual, but just like how looking after your tax and business expenses benefits you, superannuation is an important subject to consider. While you don’t need to pay super to yourself, it might help you feel more secure about your finances during…
Superannuation payments need to be made to your employees, otherwise, stringent penalties can be implemented that could be financially more devastating to your business than simply paying their super. Eligible employees must be paid their minimum superannuation of 10.5% of their ordinary time earnings (OTE). By 2025, this is predicted to increase to 12%. This…
Individuals may be looking to opt for an SMSF because these provide entire control over where the money is invested. While this may have traditionally been the domain of middle-aged, experienced investors with higher fund balances, a new breed of investors is arising. Millennials and Gen Y represent the fastest-growing segment of newly created SMSF…
If you have a Self Managed Superannuation Fund (SMSF), the Fund is considered to be a trust and must have a trustee. There are two options as to who this trustee can be. Barring a few exceptions, it can be individual members, or it alternatively can be a company with the members as the directors…
It is your responsibility as an employer to set up your business to pay super into your eligible employees’ chosen super funds or their stapled super fund where no choice has been made. If your employee hasn’t made a choice and doesn’t have a stapled super fund, you can contribute their super to your default…
A relationship has been established around superannuation and mortgage debt that could impact the stability of your retirement. As prospective Australian retirees approach their preservation ages and retirement, those who are yet to own their own homes may struggle to maintain a comfortable retirement. Retirement plans often work out a prospective financial situation, and assume…
As you grow older, your aim may be to live a long, happy and healthy life. This is hopefully with the mental capacity to make your own financial and lifestyle decisions, and the appropriate superannuation to fund it. But not everyone is always able to do this as they grow older. In the worst-case scenario,…
The way in which a self-managed super fund is structured could change its legal compliance requirements. If you are in the process of setting up an SMSF, you will need to make a decision about how to structure it appropriately to suit. An SMSF can be structured as a single-member fund or a multiple-member fund,…