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Friday, 3 December 2021
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With the best will in the world, family disputes often occur on the death of a family member. SMSFs often hold substantial assets, and the role of trustees and death benefit nominations is tricky.
The $1.6 million Transfer Balance Cap (TBC) on pension accounts affects only capital balances. It’s not affected by income earned and pensions paid, and there are ways to maximise the remaining tax-free status.
It’s crucial for super fund or SMSF members to understand the law as it relates to death benefit nominations to ensure desired outcomes are achieved. Don't leave a mess for others to fix.
If proposed super changes are enacted, the lifetime cap on non-concessional contributions will confine the re-contribution strategy and significantly increase the tax payable on death benefits. Was that intended?
A warning not to take short cuts when settling a death benefit from a deceased SMSF member. Even if the payment is being transferred within the same fund, you still need to follow the law.
The benefits received from super if premature death, terminal illness or permanent injury prevent you or your spouse from working to retirement age vary in their conditions and taxation, so it's good to be informed early.
Technical but important - recent amendments allow the income on investments supporting a non-reversionary pension to continue as exempt current pension income after the death of the member.
Protecting your wealth and standard of living is just as important as building it in the first place. You are gambling with your financial future if you do not have adequate insurance.
The way home ownership relates to retirement income is rated a 'D', as in Distortion, Decumulation and Denial. For many, their home is their largest asset but it's least likely to be used for retirement income.
There’s this story about a group of US Air Force generals in World War II who try to figure out ways to protect fighter bombers (and their crew) by examining the location of bullet holes on returning planes. Mapping the location of these holes, the generals quickly come to the conclusion that the areas with the most holes should be prioritised for additional armour.
House prices have risen at the fastest pace for 33 years, but what actually happened in 1988, and why is 2021 different? Here's a clue: the stockmarket crashed 50% between September and November 1987. Looking ahead, where did house prices head in the following years, 1989 to 1991?
Australia appears to be slipping from the pantheon of global superstar pension systems, with a recent report placing us sixth. A review of an earlier report, which had Australia in bronze position, points to some reasons why, and what might need to happen to regain our former glory.
Super funds will soon be required to offer retirement income strategies for members in decumulation. With uncertain returns, uncertain timelines, and different goals, it's possibly “the hardest, nastiest problem in finance".
You want to take a lump sum from your super, but what's the best way? Should it come from you or your spouse, or the pension or accumulation account. There is a welcome flexibility to select the best outcome.