The Government is focused on encouraging older Australians to better grow and secure their personal retirement funds. Retirees exempt from work test An exemption from the work test will be established to allow retired Australians aged between 65-74 who have total super balances below $300,000 in their first year that they do not meet the…
Self-managed super funds (SMSFs) have a number of investment restrictions which apply to transactions conducted within the fund. One such restriction applies to transactions involving ‘related parties’ of the fund and ‘relatives of members.’ No one associated with the SMSF should obtain a present-day benefit from the fund’s investments. The fund needs to meet the…
Self-managed super funds can access Capital Gains Tax (CGT) relief to provide temporary relief from certain capital gains that might arise as a result of individuals complying with the transfer balance cap, and Transition to Retirement Income Stream (TRIS) reforms, commencing on 1 July 2017. The transitional CGT relief is designed to preserve the income…
Taking out insurance through a super fund can be a great option for some members, but it does also come with some pitfalls. Most super funds provide their members with insurance options and an option to increase, decrease or cancel your default insurance cover. There are many benefits of taking out insurance through super, which…
The transfer balance cap was introduced as part of the reforms to superannuation in the 2016 Federal Budget and will commence on 1 July 2017. The cap applies to the total amount of super that has been transferred into the retirement phase. The cap will start at $1.6 million, and will be indexed periodically in…