There are a number of conditions of release that allow a person to access their benefits from superannuation. Superannuation was not designed to be a rainy day fund and conditions of release are set by legislation. Here are our tips to when you can legitimately access your superannuation.
Both Trauma Insurance and SMSF’s have grown in popularity in the last decade. With insurance available in SMSF’s many trustees have sought to take Trauma Insruance in their SMSF. There are a number of considerations that need to be considered including the sole purpose test. We discuss the advantages and disadvantages of Trauma Insurance in SMSFs.
From July 1st 2012 there is an increased contributions tax for high income earners, increasing the superannuation contributions tax from 15% to 30%. This will result in a a greater proportion of contributions being paid as tax and reduces the concessions available. Individuals who incur a capital gain in a financial year may also be affected.
TPD Insurance in Superannuation attracts a tax liability when a claim is paid. To provide enough from a TPD claim, the tax payable needs to be considered to ensure that the required amount is received.
How are you positioned for the end of Financial Year? With four weeks left until the end of the 2012 financial year and a raft of changes due to start …
Contributing into superannuation is easy enough, however the way you make your contribution is important – ‘pre-tax’ or ‘post-tax’ contributions are dealt with differently and have different taxes applied! Want to know the difference and how to maximise your retirement dollar? Read on!
What are different superannuation types and how can that impact your retirement? Corporate Super, Industry Super, Retail Super and Self Manged Super. The MoneyGeek simplifies the types of superannuation so you can find the right super.
To put it simply, superannuation works in a very similar fashion to any other investment portfolio with the main exception being that you cannot generally access the funds until retirement or disability.Superannuation is one of the most tax effective investments available and superannuation is designed to help save for retirement.
Unlike personal life insurance policies, life insurance in superannuation can be taxed depending on the beneficiary. The rate of taxation can be as high as 31.5%. Beneficiaries status and financial dependency are relevant when a life insurance policy is paid from superannuation to determine the level of tax that is paid.