Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.
From 1 November 2021, where an employee does not identify a superannuation fund, the employer is required to contact the ATO and request details of the employee’s existing superannuation fund or ‘stapled’ fund (the fund stapled to them).
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or services they did not receive.
Australians will need to rebuild their superannuation and retirement savings, after withdrawing more than $36 billion in early super release payments in 2020, according to Colonial First State’s Retirement Realities Series.
Changes in the superannuation contribution caps, which kicked-in last year, give an added reason to keep a close eye on your contributions.
Have you been hearing scary stories about employers getting into trouble for not paying super for employees or paying a little bit late? Thinking it doesn’t apply to you and that it all works out in the end?
Let’s face it, getting your foot on the first rung of the property ladder is not only hard, for an increasing number of younger Australians, it’s downright impossible. As housing prices, particularly in capital cities, continue to outstrip wages growth, even saving for a deposit to buy a house can seem all too hard. It’s a bit like taking one step forward and two steps back, right?
With changes to super now in effect, numerous Australians will get a leg up, many being low-income earners. According to the Association of Superannuation Funds of Australia (ASFA), more than four million Australians will benefit from the super changes that came into effect on 1 July 2017.
30 June 2017: The wide-ranging superannuation reforms come into effect on 1 July 2017. With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund:
There are 5 major ownership structures in which you can hold investment properties, and each one has its pro’s and con’s. The fifth and final article is on investment property held in SMSF’s, not a structure that is to be taken lightly, but one that can be very advantageous for the right investor.