Miscalculating or mistiming the payment to your super can be costly. This can be caused by your employer, your tax agent, your super accountant, or yourself due to the lack of information regarding contribution limits.   Contribution Limits The annual cap for concessional contributions is $25,000. The unused amount on your cap can...

People often ask if it’s possible to use the SMSF to buy or lease a plant, equipment, or vehicle for a business run by a member or someone related to them.    Technically, this is possible, but practically, it’s not advisable due to the numerous provisions you may violate in...

The amount of income you can earn tax-free outside your SMSF contributions primarily depends on your age.   Residents Below 65 If you’re under 65, the tax-free threshold is $18,200. This means the first $18,200 you’ll receive won’t be taxed, saving you more money annually because your total taxable income has been reduced....

  You’re feeling generous, so you decided to give an asset to a family member as a gift. Before gifting assets that have enormous value, you must understand the impact the act can have on your Centrelink/DVA entitlements.   When you make a gift, the value of your assessable assets is reduced. This,...

Critical illness insurance, also commonly known as trauma insurance or major illness insurance, is designed to protect an individual in the advent of a serious illness. A lump sum is paid to cover medical expenses for treating severe health issues such as cancer, heart attack, stroke, and coronary bypass. These...

This new rule can be a bit confusing to some, but it’s really simple and it offers a lot of advantage to those who want to maximize their concessional contributions toward their super. Concessional contribution is the amount you put into your super before any tax is applied. This includes your...

The government’s proposed changes in the way superannuation funds are handled have sowed confusion even among financially savvy people. This move was their solution to their growing concern that the government is losing a good amount of tax revenue from the previous system. There’s also reason to believe that some...

Retiring and having the time to enjoy everything you’ve worked hard for is a wonderful thought. Upon retirement, you’ll be faced with the question of whether to take your pension as a lump sum or receive a regular income for more steady cash flow. Whether you take a lump sum or...

When a person decides to leave the UK for good, they have two options on what to do with their pension funds. One is to leave it as it is under the care of a UK pension provider. The other option which members often choose is to transfer the funds...

The process for retiring in your own country and filing the documents needed to receive pension is quite easy and convenient. However, it might be a bit more complicated if you plan to retire in Australia and have your hard-earned money transferred into a super account.

The Process

Australian expats and U.S....