If you have super with a default fund (i.e. the one your employer offered) you will have some form of life insurance, unless you have opted out. If you have researched and selected a superannuation fund specifically for yourself, you have probably been offered insurance. Either way life insurance and superannuation go hand in glove.
One of the key challenges for people approaching retirement is adequately preparing for it. The other big challenge is gaining greater confidence in how their finances might look once retired.
Getting the right advice helps enormously with this, and likewise beginning the planning process earlier rather than later will reap rewards.
The ATO is currently reviewing arrangements where individuals (at, or approaching, retirement age) purport to divert their personal services income to an SMSF, so that the income is taxed concessionally (or exempt from tax) in the fund, rather than being subject to tax at the individual’s marginal tax rate. These arrangements normally involve the individual’s income being paid to another entity (e.g.,
The perceived high costs involved with running your own fund can sometimes be the determinant factor for many people, especially when considering if having an SMSF is right for them. In addition to this, the first question I get asked from prospective clients is “what are your fees?”. It’s a legitimate question and is usually the catalyst for trustees to change administration providers,
I was interested but not necessarily surprised to read two articles this week relating to financial fortunes of the general Australian population. The first article talked about financial literacy, where a study by Zurich and Oxford University found that Australia ranked near the bottom of the tables. In the second article,
The end of the financial year is the perfect time to give your SMSF some love. The following are our top 10 pre-30 June items we believe every SMSF trustee should look at.
ASX listed equities are statistically the most common asset in an SMSF and this is reflected in the hundreds of SMSF accounts I review each year. A common question I ask my clients is “do you have an adviser or a broker?”
I get mixed answers to this question.
Collectibles and changes from 1 July 2016
Does your SMSF own artwork, jewellery, coins, vintage cars, wine collections or antiques to name a few of the major items deemed collectibles? If these items were purchased before 1 July 2011 you might not be aware that significant changes are taking effect from 1 July 2016.
Our online SMSF accounts have recently been updated with the ability to view a number of portfolio charts including the ability to track the investment performance of your SMSF portfolio against a number of industry benchmarks including the the All Ordinaries, ASX 200 as well as a number of sector specific indexes.
ATO assistant commissioner for SMSFs Matthew Bambrick (above) said a boost in compliance work on the nation’s 531,059 – and growing – funds was not a bad idea. Photo: Dominic Lorrimer
The following is a verbatim copy of an article originally published by Katie Walsh (@katiewalshAFR) in the Weekend Australian Financial Review 17 January 2015.