Pre-30 June Super Health Check
Which type of fund is perfect for you?
These days it is no longer acceptable to adhere to the recommendations of tied financial advisors who would like to sell their commission-based products - investors want advice which is within their desires.
As a starting point, research your fund's performance over the past one to five years. If your current fund was chosen through your employer and/or is underperforming, it may be time to change funds.
If there is learn this here now , you could receive reduced fees or lower insurance costs. It is therefore important to know these benefits before changing super funds. Retail funds offer more services, normally have higher fees and run with a profit. Industry settlement is low priced funds with lower fees, cost profit members. If you have many super fund, consider consolidating to relieve fees.
Spread your investments
Ideally you need to retire comfortably to support your future lifestyle. Ensure your asset class allocation is within line with your investment strategy - look at the lastest super statement and rebalance your portfolio if necessary. An independent advisor can assist you tailor your asset allocation and add significant value.
Consider a Self Managed Super Fund (SMSF) to raise your super potential
If you and your husband havecombined super well over $150,000, now could be a fun time to think about combining it in a very SMSF to increase your wealth (and future retirement fund).The Australian Taxation Office rule changes have witnessed a rush of SMSFs getting yourself into investment property due to favourable changes introduced by the Government in 2007 that enable funds to loan to purchase a good thing.
There will also be generous tax benefits associated with buying an investment property by way of a SMSF, and also the concessional contribution cap set to reduce from 1 July to $25,000 for many super fund members, purchasing property through your SMSF could possibly be a suitable strategy to further boost your super.
Note however that stamp duty concessions end on 30 June - in case you are thinking of committing to property through your SMSF, meet using your financial planner as quickly as possible to implement your gearing in super arrangements.
Maximise contributions by 30 June
Make the most of maximising contributions to increase your super wealth:
• For 20011/12, superannuants aged 50 as well as over may make around $50,000 in concessional contributions (at the mercy of work tests for 65 to 74 year olds). For 2012/13 this amount is reduced to $25,000, as well as under 50 year olds, the cap is $25,000. Superannuants under 65 could also make non-concessional contributions around $150,000 (or $450,000 "bring forward" over several years), again subject to the work tests for the people aged 65 to 74.
• Avoid breaching contribution caps and being taxed 93% on your contributions by identifying and rectifying any errors before year end.
• This is the last financial year you may make in-specie share contributions in your SMSF - contribute now to minimise transaction costs.
• Avoid breaching the new and reduced $25,000 concessional cap by reviewing your salary sacrifice arrangements during the early July.
• If you are over 55 it can be crucial for you to review and optimise your concessionally taxed pension. Avoid any problems later on the track by withdrawing no less than your minimum pension by 30 June.
Insurance and estate planning
Consider holding life, TPD and income protection insurance to improve protect your household in case you can't help a period of time on account of sickness or injury, particularly in case you are self-employed.
In case of your respective death, be sure that your super goes to who you would like it to - if you aren't sure who the beneficiaries of one's superannuation fund are, make it a priority to analyze it as quickly as possible. There are tax-related liabilities based on which team you decide to bequeath your death help to, so it is important to seek professional advice before completion of the Will.
Lost super fund
Visit the ATO's free website "SuperSeeker" to find lost or forgotten super. You might be pleasantly surprised.
Be vigilent to make time for it to review of your super - changes to your super now can mean a huge difference inside amount that you get when it comes time and energy to retire.
Disclaimer: The information on this document does not take into consideration your own personal objectives, financial situation or needs and that means you should consider its appropriateness having regard to the telltale factors before functioning on it. It is important that your individual circumstances are taken into account prior to making any financial decision and it really is recommended that you seek some help from your financial adviser.
These days it is no longer acceptable to adhere to the recommendations of tied financial advisors who would like to sell their commission-based products - investors want advice which is within their desires.
As a starting point, research your fund's performance over the past one to five years. If your current fund was chosen through your employer and/or is underperforming, it may be time to change funds.
If there is learn this here now , you could receive reduced fees or lower insurance costs. It is therefore important to know these benefits before changing super funds. Retail funds offer more services, normally have higher fees and run with a profit. Industry settlement is low priced funds with lower fees, cost profit members. If you have many super fund, consider consolidating to relieve fees.
Spread your investments
Ideally you need to retire comfortably to support your future lifestyle. Ensure your asset class allocation is within line with your investment strategy - look at the lastest super statement and rebalance your portfolio if necessary. An independent advisor can assist you tailor your asset allocation and add significant value.
Consider a Self Managed Super Fund (SMSF) to raise your super potential
If you and your husband havecombined super well over $150,000, now could be a fun time to think about combining it in a very SMSF to increase your wealth (and future retirement fund).The Australian Taxation Office rule changes have witnessed a rush of SMSFs getting yourself into investment property due to favourable changes introduced by the Government in 2007 that enable funds to loan to purchase a good thing.
There will also be generous tax benefits associated with buying an investment property by way of a SMSF, and also the concessional contribution cap set to reduce from 1 July to $25,000 for many super fund members, purchasing property through your SMSF could possibly be a suitable strategy to further boost your super.
Note however that stamp duty concessions end on 30 June - in case you are thinking of committing to property through your SMSF, meet using your financial planner as quickly as possible to implement your gearing in super arrangements.
Maximise contributions by 30 June
Make the most of maximising contributions to increase your super wealth:
• For 20011/12, superannuants aged 50 as well as over may make around $50,000 in concessional contributions (at the mercy of work tests for 65 to 74 year olds). For 2012/13 this amount is reduced to $25,000, as well as under 50 year olds, the cap is $25,000. Superannuants under 65 could also make non-concessional contributions around $150,000 (or $450,000 "bring forward" over several years), again subject to the work tests for the people aged 65 to 74.
• Avoid breaching contribution caps and being taxed 93% on your contributions by identifying and rectifying any errors before year end.
• This is the last financial year you may make in-specie share contributions in your SMSF - contribute now to minimise transaction costs.
• Avoid breaching the new and reduced $25,000 concessional cap by reviewing your salary sacrifice arrangements during the early July.
• If you are over 55 it can be crucial for you to review and optimise your concessionally taxed pension. Avoid any problems later on the track by withdrawing no less than your minimum pension by 30 June.
Insurance and estate planning
Consider holding life, TPD and income protection insurance to improve protect your household in case you can't help a period of time on account of sickness or injury, particularly in case you are self-employed.
In case of your respective death, be sure that your super goes to who you would like it to - if you aren't sure who the beneficiaries of one's superannuation fund are, make it a priority to analyze it as quickly as possible. There are tax-related liabilities based on which team you decide to bequeath your death help to, so it is important to seek professional advice before completion of the Will.
Lost super fund
Visit the ATO's free website "SuperSeeker" to find lost or forgotten super. You might be pleasantly surprised.
Be vigilent to make time for it to review of your super - changes to your super now can mean a huge difference inside amount that you get when it comes time and energy to retire.
Disclaimer: The information on this document does not take into consideration your own personal objectives, financial situation or needs and that means you should consider its appropriateness having regard to the telltale factors before functioning on it. It is important that your individual circumstances are taken into account prior to making any financial decision and it really is recommended that you seek some help from your financial adviser.
Public Last updated: 2022-03-01 08:38:05 AM
