ATO is about to transfer any inactive super balances commencing 1 November 2019. If you have lost superannuation floating around from previous jobs that you’ve perhaps forgotten about or simply haven’t had the time to transfer, the Australian Taxation Office is about to do the work for you. ATO will reconcile inactive super balances with […]
Overview of Power of Attorneys
A Power of Attorney is an important document that is often overlooked. Many people understand the importance of having a Will, but the same consideration is not given to circumstances where you might be unable to manage your own financial affairs while you’re still alive. A Power of Attorney can be useful when you: are […]
Superannuation Changes from 1 July 2019
A number of superannuation changes takes effect from 1 July 2019. What are they and how might this affect you? Read below to find out. Carry-forward concessional contributions The 2018-19 concessional contributions were capped at $25,000. If you didn’t use all $25,000, you are now able to ‘carry-forward’ the unused concessional contribution amount into your […]
What are the minimum pension payment rules?
Last Updated 24 June 2020 Once you reach preservation age, you can start to withdraw your super as an income stream, a lump sum or both. These amounts are tax-free provided you take the minimum pension payment. Why is there a minimum pension payment instead of letting you take what you want? Well, it falls […]
What is the Double Contribution Strategy?
If you have ever wanted to contribute more money to your Self-Managed Super Fund, the Double Contribution Strategy might be for you. It is a way by which you can effectively double your level of tax-deductible superannuation contributions without exceeding the superannuation contribution caps. So what is the double contribution strategy? Background If you or […]