Superannuation

The month of June also offers the best time to ensure that retirement savings are properly optimised, with the new financial year clearing the slate for a number of limits and changes relating to superannuation.

Is EOFY the best time to shuffle superannuation?


The reforms give those who engage with their super the tools to do so. For those who don’t, the performance benchmarks will kick in and force funds to operate better.

Calls for change to Your Future, Your Super legislation


What has become ingrained is the understanding of the need to save for retirement from an early age.

Should Australia delay its super guarantee increase?


At the end of June, payments totalling A$18.1 billion had been made, with 1.63 million applications having been paid since inception.

Early super access: The consequences of not seeking advice


By early June, more than 2.1 million Australians had applied to the ATO to draw on their superannuation, representing an average payout amount of A$7,500.

What is the purpose of superannuation in Australia?


There’s a clear role for accountants around making the right data available on which employers can make informed, independent decisions on MySuper default fund selection, without breaking the law.

Super fund selection: accountants bridge gap between advice and guidance


The Australian Taxation Office (ATO) has calculated, based on its data and investigations, that there is currently about A$2.3 billion in detected unpaid super, equal to 3.9 per cent of total outstanding SG payments.

How much unpaid super is really out there?


The durability of small super funds is seen as another telling sign of inadequate competition.

Supercharged: How high fees eat into super returns


An outback road in Australia’s red centre, Northern Territory.

Indigenous finance: closing the financial gap


Australians are living longer and due to compulsory superannuation, the superannuation death benefit may be the largest asset in the estate.

Wealth and longevity pose new challenges to estate planning


The first major review of the retirement savings system in 30 years will look at the three pillars of the retirement income system: the age pension, compulsory super and voluntary savings.

A wage rise now – or more retirement income?


If a couple was accustomed to living on a combined salary of A$150,000 or A$200,000, an annual budget of A$60,000 may not really be the retirement they were hoping for.

Retirement in Australia - how much super do you need?


Australia’s superannuation funds are estimated to report collective assets under management of A$6 trillion by 2030.

Super sizing: the growth of cashed-up super funds


Recent court cases are a stark warning to SMSF auditors, after a court found a second auditor responsible for a lion's share of SMSFs losses.

SMSF auditors under renewed scrutiny


The biggest step the government could take to improve women’s super balances is to increase the superannuation guarantee to 12 per cent.

How to make super work for women


A perfect storm of ageing populations, low interest rate environments that stymie compound interest, and high government debt is placing enormous pressure on many retirement systems.

Retirement: future-proofing your nest egg


Three experts debate whether reverse mortgages are a good idea for Australia's retirees.

Are reverse mortgages a good idea for retirees?


There’s no universal route to financial security in retirement, but there are common steps in the journey. One way to start is with a financial life plan.

Why a 'financial life plan' is better for you than a 'retirement plan'


Conducting a quality SMSF audit demands sufficient time, resources and access to relevant expertise.

Your essential SMSF auditor checklist


SMSF advisers say this change in particular will not lower the cost of audits for super fund trustees because it will not reduce the overall work involved in auditing a SMSF.

The risks of three-year SMSF audits


Around 90 per cent of financial advice on setting up an SMSF does not comply with relevant laws.

ASIC study shows up shaky SMSF advice


SMSFs are under fire, with some self-managed super funds not matching the returns of APRA-regulated default MySuper funds.

The SMSF dilemma: would you be better off with a professional fund manager?


The Australian superannuation system is designed to be universal.

Is the superannuation guarantee a barrier for women, low-income earners and those with multiple jobs?


It is not only longevity risk – fear of outliving money – that is the main driver of retirees not spending.

Why won’t retirees spend their superannuation?


Trustees will still have every year audited, but this would be completed once every three years.

Three-year SMSF audits: how auditors will be affected


Retirement used to mean settling down, but for some it now means jetting off. Illustration: Ellen Porteus

The pros and cons of retiring abroad


Advisers must be aware of their duties and obligations to the trustee, the member and/or the beneficiaries of that BDBN.

Have you been ‘given’ a valid BDBN?


From 1 July 2019, eligibility for the Pension Loan Scheme will be extended to all pension-age retirees.

Federal Budget 2018 – the verdict on super and retirement


In super, size is the new black – and the big are getting bigger.

Struggling super funds pushed to merge


A licensed accountant should keep good records of the discussions they have with clients when providing SMSF services.

ASIC: How to help your clients set up an SMSF


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