Pre-30 June Super Health Check
Which kind of fund is perfect for you?
These days select longer acceptable to follow the recommendation of tied financial advisors who wish to sell their commission-based products - investors want advice that is certainly within their desires.
As a starting point, research your fund's performance in the last one to five years. If your current fund was chosen because of your employer and/or is underperforming, it might be time for it to change funds.
If there is a corporate super fund, you could possibly receive reduced fees or lower insurance charges. It is therefore important to be aware of these benefits before changing super funds. Retail funds offer more services, routinely have higher fees and run in a profit. Industry settlement is low priced funds with lower fees, run to profit members. If you have more than one super fund, consider consolidating to relieve fees.
Sp read your investments
Ideally you would like to retire comfortably to guide your future lifestyle. Ensure your asset class allocation is in line together with your investment strategy - look at lastest super statement and rebalance your portfolio as appropriate. An independent advisor will help you tailor your asset allocation and add significant value.
Consider a Self Managed Super Fund (SMSF) to increase your super potential
If you and your wife havecombined super that has reached over $150,000, now is a fun time to take into consideration combining it in a SMSF to increase your wealth (and future retirement fund).The Australian Taxation Office rule changes have seen a rush of SMSFs engaging in investment property on account of favourable changes introduced by the Government in 2007 that permit funds to borrow to get a property.
There can also be generous tax benefits associated with buying a good investment property through a SMSF, current concessional contribution cap set to cut back from 1 July to $25,000 for many super fund members, purchasing property through your SMSF may be the right way to further boost your super.
Note however that stamp duty concessions end on 30 June - in case you are pondering committing to property through your SMSF, meet with your financial planner as soon as possible to implement your gearing in super arrangements.
Maximise contributions by 30 June
Make essentially the most of maximising contributions to maximise your super wealth:
• For 20011/12, superannuants aged 50 and also over will make as much as $50,000 in concessional contributions (be subject to work tests for 65 to 74 year olds). For 2012/13 this amount is reduced to $25,000, as well as for 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 job tests for all those aged 65 to 74.
• Avoid breaching contribution caps and being taxed 93% on the contributions by identifying and rectifying any errors before year end.
• This is the last financial year you will make in-specie share contributions for a SMSF - contribute now to minimise transaction costs.
• Avoid breaching the newest and reduced $25,000 concessional cap by reviewing your salary sacrifice arrangements in early July.
• If you are over 55 it can be vital that you review and optimise your concessionally taxed pension. Avoid any problems later around 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 raised protect your family when you cannot work with some time as a result of sickness or injury, particularly if you are self-employed.
In case of the death, keep your super would go to who you would like it to - in case you aren't sure who the beneficiaries of your superannuation fund are, convert it into a priority to check it as quickly as possible. There are tax-related liabilities determined by individual preference tend to bequeath your death help to, so it's imperative that you 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 may be amazed.
Be vigilent making time for it to review your super - changes in your super now can mean a positive change inside amount that you receive when it comes time to retire.
Disclaimer: The information with this document will not take into consideration your personal objectives, financial situation or needs which means you should look into its appropriateness having regard to the telltale factors before performing on it. It is important that your own circumstances are looked at before you make any financial decision and it's recommended that you seek the help of your financial adviser.
These days select longer acceptable to follow the recommendation of tied financial advisors who wish to sell their commission-based products - investors want advice that is certainly within their desires.
As a starting point, research your fund's performance in the last one to five years. If your current fund was chosen because of your employer and/or is underperforming, it might be time for it to change funds.
If there is a corporate super fund, you could possibly receive reduced fees or lower insurance charges. It is therefore important to be aware of these benefits before changing super funds. Retail funds offer more services, routinely have higher fees and run in a profit. Industry settlement is low priced funds with lower fees, run to profit members. If you have more than one super fund, consider consolidating to relieve fees.
Sp read your investments
Ideally you would like to retire comfortably to guide your future lifestyle. Ensure your asset class allocation is in line together with your investment strategy - look at lastest super statement and rebalance your portfolio as appropriate. An independent advisor will help you tailor your asset allocation and add significant value.
Consider a Self Managed Super Fund (SMSF) to increase your super potential
If you and your wife havecombined super that has reached over $150,000, now is a fun time to take into consideration combining it in a SMSF to increase your wealth (and future retirement fund).The Australian Taxation Office rule changes have seen a rush of SMSFs engaging in investment property on account of favourable changes introduced by the Government in 2007 that permit funds to borrow to get a property.
There can also be generous tax benefits associated with buying a good investment property through a SMSF, current concessional contribution cap set to cut back from 1 July to $25,000 for many super fund members, purchasing property through your SMSF may be the right way to further boost your super.
Note however that stamp duty concessions end on 30 June - in case you are pondering committing to property through your SMSF, meet with your financial planner as soon as possible to implement your gearing in super arrangements.
Maximise contributions by 30 June
Make essentially the most of maximising contributions to maximise your super wealth:
• For 20011/12, superannuants aged 50 and also over will make as much as $50,000 in concessional contributions (be subject to work tests for 65 to 74 year olds). For 2012/13 this amount is reduced to $25,000, as well as for 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 job tests for all those aged 65 to 74.
• Avoid breaching contribution caps and being taxed 93% on the contributions by identifying and rectifying any errors before year end.
• This is the last financial year you will make in-specie share contributions for a SMSF - contribute now to minimise transaction costs.
• Avoid breaching the newest and reduced $25,000 concessional cap by reviewing your salary sacrifice arrangements in early July.
• If you are over 55 it can be vital that you review and optimise your concessionally taxed pension. Avoid any problems later around 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 raised protect your family when you cannot work with some time as a result of sickness or injury, particularly if you are self-employed.
In case of the death, keep your super would go to who you would like it to - in case you aren't sure who the beneficiaries of your superannuation fund are, convert it into a priority to check it as quickly as possible. There are tax-related liabilities determined by individual preference tend to bequeath your death help to, so it's imperative that you 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 may be amazed.
Be vigilent making time for it to review your super - changes in your super now can mean a positive change inside amount that you receive when it comes time to retire.
Disclaimer: The information with this document will not take into consideration your personal objectives, financial situation or needs which means you should look into its appropriateness having regard to the telltale factors before performing on it. It is important that your own circumstances are looked at before you make any financial decision and it's recommended that you seek the help of your financial adviser.
Public Last updated: 2022-03-27 09:20:09 AM
