Nominating a beneficiary

Superannuation can often form a significant part of an individual’s wealth. Therefore, the transfer of such an asset upon their death can potentially cause dispute among the deceased’s family and potentially others. Unlike assets owned in an individual’s personal name, superannuation does not form a part of their estate when they pass away. Instead, it…

Shares vs property in SMSFs

Shares and property are two very good investment options for those with a self-managed super fund. However, since they both have very different attributes, choosing the one that will achieve the best outcome for an SMSF depends on what the trustee wants to achieve. The advantages of investing in property include: property prices are negotiable…

SMSFs: Getting SuperStream right

Although the new SuperStream standard for superannuation payments can provide SMSF trustees with a number of benefits, around five per cent of SMSFs fail to comply with the SuperStream requirements. Under the new SuperStream system, a non-related employer must send superannuation contributions to an SMSF electronically, using an electronic service address (ESA). For this to…

Reducing tax in your SMSF

There are some effective, and often quite simple, strategies to reduce the tax payable in an SMSF that many fail to take advantage of. Nomination of beneficiary Those who nominate a spouse, child or financial dependent as a beneficiary may avoid paying tax on a lump sum death benefit. Delaying TTR commencement Members looking to…

Diversified growth strategies

Australians looking to increase their super fund’s annual returns may benefit from shifting to a diversified growth strategy. A diversified growth strategy is a multi-asset program that invests in a range of traditional and non-traditional return sources to achieve a defined outcome. A recent study has shown that including a 15% allocation to a diversified…

Transitioning to retirement pension in an SMSF

The transition to retirement income pension is quite straight forward, however whether there are clear benefits depends on an individual’s personal circumstances. When an individual starts the transition to retirement income pension (TRIP) once they reach preservation age and are still working, they receive an income stream from their SMSF. Their existing account balance in…

Customising your super strategy

Adjusting your super fund strategy so you can have a more active role in managing your retirement savings can often result in a number of rewards and benefits. However, it is important for those who opt to take more control of their super fund’s asset allocation to consider aspects in the long-term, rather than react…

Splitting your super

Super splitting is a sensible, simple and strategic way of dividing contributions, managing the transition into retirement and maximising income. It involves transferring concessional or tax deductible contributions from the account of a fund member to their partner. It is particularly beneficial where there is a reasonable age gap of around five years or more,…

Supercharge your super

An individual’s superannuation is typically one of their biggest assets along with their home. So while it is natural to start thinking about how you can boost your superannuation balance leading up to retirement, putting in the effort well before then can make a big difference to your retirement lifestyle. Below are four simple ideas…