Sep 5, 2023 | Blog, Superannuation, Superannuation Tax
Are life insurance premiums tax deductible in super? Life insurances can be owned in your own name or within superannuation. Some insurances are owned partly by you and partly by your superannuation fund. The term life insurances is a collective term for death cover,...
Sep 5, 2023 | Blog, Featured, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
The superannuation Tax Free component (aka tax-exempt component) is made up of all after-tax contributions made to superannuation (i.e. Non-Concessional Contributions). A superannuation balance will consist of two main tax components: the Tax Free component and the...
Sep 5, 2023 | Blog, Death Benefits, Retirement Income Streams, Reversionary Pensions, Superannuation, Superannuation Tax
The tax on superannuation death benefits varies depending on the recipient of the benefits, the components that make up the benefit and the for in which the benefit is paid. Tax on superannuation death benefits can be quite considerable and have a significant impact...
Sep 4, 2023 | Blog, Retirement Income Streams, Superannuation, Superannuation Tax
The level of tax that you are required to pay on pension income depends primarily on your age and the type of pension. Account Based Pensions/ Allocated Pension Paying Tax on Pension Income – Over age 60 All income received from an Account Based or Allocated...
Sep 4, 2023 | Blog, Death Benefits, Reversionary Pensions, SMSF, Superannuation, Superannuation Tax
A Non-Binding Death Benefit Nomination is a declaration made to the trustee of your super fund. A superannuation fund trustee is responsible for the management of your superannuation savings on your behalf. You are able to submit a nomination to the trustee detailing...
Sep 4, 2023 | Blog, SMSF, SMSF Property, Superannuation
You may have heard the about Self Managed Super Funds or SMSFs and how good they are. But do you really know the specifics of why they are good? And whether or not an SMSF can benefit you? It’s true that a Self Managed Superannuation Fund (SMSF) can provide a...
Sep 4, 2023 | Blog, Centrelink, Retirement Income Streams, SMSF, Superannuation
A grandfathered account based pension is an account based pension where the assessment of the pension income is calculated using the deductible amount method. The current assessment of a non-grandfathered account based pension for social security or aged care purposes...
Sep 4, 2023 | Blog, Death Benefits, SMSF, Superannuation
Through the use of a superannuation nomination form, an individual has the ability to nominate which of their beneficiaries will receive their superannuation or pension balance in the event of their own death. A superannuation nomination can be Binding or Non-Binding....
Sep 4, 2023 | Blog, Superannuation, Superannuation Tax
Is Life Insurance Tax Deductible in Super? Firstly, let’s address what we define life insurance to be, so that we are on the same page in regards to its tax deductible status. On that note, we should also cover off on what we are proposing to claim a tax...
Sep 4, 2023 | Blog, Superannuation
A Superannuation Product Identification Number (SPIN) is a different number appointed to all superannuation funds as an identifier. SPINS are used and recognised for a number of reasons. SPINs are recognised by the following government organisations: Australian...