Super & Retirement

Making lump sum contributions to super

I am 69 years of age and not working full time. I am living off the income from 2 rental properties and have the opportunity of part time employment. I have been advised that if I work 40 hours in a 30 day period I can make a lump sum contributation to superannuation. I do…

Commencing a transition to retirement strategy while still adding to super – Part 2

In Jeremy’s recent article “Commencing a transition to retirement strategy while still adding to super” he says (with reference to the 2009/10 financial year): “Secondly, at $30,000 taxable income you have optimised your personal tax situation. There is no point salary sacrificing below this level as things like low income earners rebate take you to…

Commencing a transition to retirement strategy while still adding to super

I am 60 and have commenced a transition to retirement pension. I am taking the minimum amount 2%. As I am still working I am in a position to put some of my savings back into my super fund. Am I correct in assuming that I can do this providing I do not exceed $450,000 over a…

Updating the trust deed in a SMSF

A self managed superannuation fund (SMSF) is governed by a trust deed. The trust deed sets out the rules of the fund. Whilst the trust deed can impose more onerous regulations for the trustees to follow, it is not permitted to contain clauses which require the trustee to breach the SIS Act. The trust deed…

At 65, can I live off saved income and let my super accumulate for another 12 months?

I have a SMSF and turn 65 shortly. At aged 65 can I live off saved income and let my super accumulate for another 12 months before converting it to an allocated pension. Thanks, Dave. Answer: The rules applying to Self Managed Super Funds (SMSF) are no different to those affecting all superannuation when it comes…

I am tossing up between a DIY super fund or opening a wrap account

I would like more control over my superannuation savings and am considering starting either a self-managed super fund or doing it via a super wrap account such as that offered by [ABC] Investment Management. I found out the fees for a [ABC] Direct Wrap and calculated it would be an average of 0.57% pa of…

Allocated pensions and the new tax free rules

My Allocated Pension was started prior to 1 July 2007. Do I have to convert to an Account Based Pension so that I can withdraw more than the maximum under Allocated Pension? I am 65 yrs. Response: Any allocated pension in place prior to 1 July 2007 automatically came under the new rules once a…

Do you pay tax when rolling shares into a self managed super fund?

I have $100,000 worth of shares in my portfolio and I would like to roll it over into my self managed super fund. Will I pay tax on the rollover, and if so how much? When I have it in my self managed fund and I want to trade on any of these stocks, will…

Should I sell my home, buy a cheaper one, and invest the remaining funds for retirement?

We have 5 1/4 acres of residential land 20km south of Brisbane with an 7-year old home build by us on it. We have owned it for 10 years and our cost is around $300,000. In October last year we were offered $1.5 million by a stgeloper who knocked on our door, which we did…

Should I roll my SMSF into an allocated pension?

I have a self managed super fund, I will be of pension age in 7 months. I would like to roll my super over into an allocated pension and still self managed it if possible. I would like to know the pros and cons of this move, would the fees cost about the same as…