Following last year’s big changes to the superannuation rules, this year has seen smaller tweaks to the super system. We note that there will be some compliance related changes to the deduction of personal contributions and the audit cycle of SMSFs. Maximum number of super members The maximum number of allowable members in new and […]
Beware the “fat cat” fees eating up your retirement savings
Weak or average investment performance is often viewed by investors as an anomaly that they have to put up with temporarily until a market or managed fund gets back on track. Holding out for improved returns is also likely to be tolerated in view of the local sharemarket edging higher (approaching a five-year high) on […]
Divorce and Your Super Savings
According to research by a large retail superannuation firm, going through a divorce can lump 10 more years on to the average Australian’s working life, as they endeavour to re-establish the level of retirement savings they may have accumulated through their married lives. Suncorp Superannuation’s Untying the Knot report purports to have uncovered the until-now […]
Super considerations as we approach year-end [Video]
There are superannuation changes ahead that both employers and employees should be aware of. Catch the video below or read through for more information. Employers Increased Super Guarantee: By now employers should be aware that the compulsory employee superannuation guarantee is increasing from the current rate of 9% to 9.25% at the 1st of July, 2013. Even if […]
Government announces changes to the superannuation system
The government has announced its intended reforms to the superannuation system, prefacing its announcement with a re-commitment on its decision to gradually increase the Superannuation Guarantee rate from 9% to 12%. The nub of the long statement however seems to be that income from certain pension streams are to be taxed at 15%. According to […]
Top 10 Cheapest Super Funds Revealed
With a vast number of superannuation funds out there spread across an array of sectors, it can be hard to decide which fund to join. Luckily, superannuation information provider SelectingSuper has compiled a list of the best fee deals for superannuation funds calculated for a member earning around $50,000 per annum with $50,000 in their […]
New obligations for SMSF trustees
As of August 7, SMSF trustees have to adhere to a raft of new measures which are intended to address potential risks and strengthen the SMSF regulatory framework. These measures mean SMSF trustees are: required to conduct a review of the fund’s investment strategy on a regular basis required to consider insurance for fund members […]
Emergency money from your super fund: The rules
Compassionate reasons can serve as grounds for withdrawing pre-retirement or preserved super to cover medical and related emergencies – but strict rules apply. Overseen by the Department of Human Services, the compassionate grounds benefit allows super to be withdrawn in one or more of five specific circumstances, after taking into account a member’s financial capacity. […]
