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, 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 3, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
SMSF pension phase refers to the mode that some or all of your superannuation savings are held in. There are two phases within a self managed superannuation fund (SMSF) (or any superannuation fund for that matter). These two phases are ‘pension phase’ and...
Sep 2, 2023 | Accessing Superannuation, Blog, Insurance in Super, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
The superannuation preservation age changes from age 55 to 60 depending on your date of birth. The change in superannuation preservation age signifies when you are able to access your super savings. You can use your preservation age to calculate how long it takes to...
Sep 2, 2023 | Blog, SMSF, Superannuation, Superannuation Tax
Pooled vs segregated assets refer to the investment strategy of a self managed superannuation fund (SMSF). A self managed superannuation fund is a specific type of super fund that has fewer than five members. Generally, all members of a SMSF are trustees of the SMSF,...
Sep 1, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
A TTR Pension over age 60 provides a number of benefits. A Transition to Retirement (TTR) Pension is an income stream that you can start with your superannuation savings. You can use your super to start a TTR Pension once you have reached your superannaution...
Aug 30, 2023 | Blog, Contributing to Super, SMSF, Superannuation, Superannuation Tax
Accumulation phase tax relates to the tax rate levied on earnings and contributions made to a superannuation accumulation account. Accumulation phase tax is paid by the super fund itself and effectively deducted from the relevant member’s balance. The tax rate...
Aug 30, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation, Superannuation Tax
There are two ways that you can access your superannuation at age 60 and still work. One such way involves limited access to your superannuation and the other provides full access to your superannuation. You can, in fact, access your superannuation as soon as you...
Aug 22, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
This article addresses whether you are able to access your superannuation savings at age 55 and still continue to work. It will also explain how much tax might be payable and when you can access your super tax free. You may have heard of people in your workplace or...