Most people look forward to retirement as it is a chance to finally take time to relax, enjoy life and do things they never had time for when they were working. But sometimes things change and some people feel the urge to return to work. If a return to work is inevitable, it is important...

Have you reached preservation age and still have a mortgage? If so, you may be able to use your super to deal with your rising mortgage repayments if you meet certain conditions. Introduction The constant increase to interest rates over the last two years have left some borrowers strapped for cash. Fortunately, those that have...

Wondering if your beneficiaries will pay tax on your superannuation death benefits? The answer is it depends on a number of important factors. Most people will have heard of Benjamin Franklin’s quote “in this world, nothing is certain except death and taxes”. He raises a valid point as the tax office will be ready to...

Give yourself the ultimate gift that doesn’t cost a thing – a super to-do list which is a gift that will benefit you now and in the future. Consolidate your super With over 10 million unintended multiple superannuation accounts, these multiple accounts are costing Australians an extra $690 million in duplicated administration fees and $1.9...

There are many types of nominations offered by different funds. Knowing which one suits your circumstances is key to ensure your superannuation ends up in the right hands. Types of nominations Individuals can direct or influence their superannuation fund trustee as to how they want their death benefits distributed by completing a death benefit nomination...

A question that often gets asked when dealing with death benefit nominations is whether a person will qualify under the interdependency or financial dependency definitions. This is an important consideration as meeting the dependency criteria will enable potential beneficiaries to qualify as a dependant and therefore allow them to receive a death benefit. Interdependency relationship...

Your superannuation death benefits must be paid to someone when you die. That somebody will usually be your estate or your nominated beneficiary (also known as your dependants). Paying death benefits to your estate Unlike other assets such as shares and property, your superannuation and any insurance benefits you have in superannuation do not form...

Did you receive a letter from your superannuation fund stating your investments have underperformed and did not meet the superannuation performance test benchmarks? If so, this letter comes as the Australian Prudential Regulatory Authority (APRA) has released its third annual performance test results for superannuation products. The results show that only one ‘MySuper’ fund failed...

Personal deductible contributions can allow individuals to claim a tax deduction for contributions they have made to superannuation provided they meet certain requirements. So what are these requirements and what should you look out for? Eligibility requirements You will be eligible to claim a deduction for your personal superannuation contributions if: You meet the aged...

Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be earning more income this financial year or if you have sold an asset this year and made a large capital gain. What...