Why you need to think about your beneficiary
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It’s important you nominate a beneficiary, as this tells your insurer or super fund who you want to receive your benefits in the event of your death.
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News From Wynyard Park Private Wealth
General Advice Disclaimer
This material is provided for information only. No account has been taken of the objectives, financial situation, or needs of any particular person. Accordingly, investors should, before acting on the information provided, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation, and needs.
Planning for retirement? Start with these 5 steps
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It’s never too soon, or too late, to plan for life after work. When you’re in your 20s, 30s, or even 40s, retirement may seem like a lifetime away. But is it ever too early to start preparing yourself for a future of financial confidence? Definitely not.
Read MoreHow to access some of your super before fully retiring
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If you’re aged 60 or over, there’s a way you can access some of your super even if you’re still working. By starting what’s known as a ‘transition to retirement’ (TTR) pension, you can receive a tax-free income to help you ease into retirement. Or, if you plan to keep working full-time, you could use the income to boost your super, reduce debt and more.
Read MoreClarifying Div 296
/The proposed new superannuation tax on balances above $3.0m represents a major change in the way taxation works in this country. For the first time “unrealised capital gains” will be taxed, which has understandably created significant controversy in superannuation and taxation circles, not to mention amongst investors. However, the discussion of this new Div 296 tax is largely characterised by misinformation and misunderstanding. It also still has some way to go before becoming law. Accordingly, we attach the answers to some Frequently Asked Questions, as well as a calculator.
Read MoreManage capital gains tax and boost your super
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If you make a gain on the sale of an investment, capital gains tax (CGT) can eat into your profits. But the good news is you may be able to use some of the sale proceeds to help you save on tax and grow your super.
Read MoreUsing your super to kick start your first home deposit
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The First Home Super Saver (FHSS) scheme is available to you if you are over 18 and have never owned an Australian property before.
Read MoreChanges to super from 1 July 2024
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We look at the changes to super rates and rules from 1 July 2024, including the increase to the Superannuation Guarantee (SG) rate and super contribution caps.
Read MoreWho gets your superannuation when you die?
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Strict rules govern how your super is distributed when you die – and it’s important to follow those rules to make sure your money goes to whom you want.
Read MoreMake your tax cut work for you
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You may pay less tax when tax cuts take effect from 1 July. While the tax savings will depend on your circumstances, it’s important to think about the best way to use them.
Read MoreUpsize super with downsizer contributions
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When selling an eligible property, you may be able to contribute to super, even when it ordinarily wouldn’t be possible because of the restrictions that apply to other super contributions.
Read MorePay down mortgage or boost super – which is best?
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You might be wondering what to do with your cashflow given the recent rise in home loan interest rates. Should you pay off your mortgage faster or save more in super?
Read MoreWhy you should worry about the new super tax – even with less than $3m
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These two worked examples show how the taxing of unrealised capital gains can have unintended consequences.
Read MoreMinimum pension payments return to normal (no more 50% reduction)
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From 1 July 2023, superannuation members with account-based pensions are required to again take at least the standard minimum pension amount each year from their account.
Read MoreGreater super contribution opportunities from 1 July 2023
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If you are looking to increase your super, and are under age 75, then a good way is through making non-concessional contributions.
Read MoreWant to fight climate change? New research details which actions have the most impact
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The most common actions Australians are taking to reduce their carbon footprint include recycling paper, plastics and glass and drying their clothes on a line or rack instead of using a dryer, but a new whitepaper published by Australian Ethical has found installing solar panels on your home, switching to a green energy plan and switching your superannuation to an ethical fund are the three actions that have the most impact.
Read MoreGovernment’s proposed changes to the taxation of super
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The Government has announced its intention to change the tax concessions for certain super accounts if you have a total super balance of more than $3 million.
Read MoreWill you be able to live the retirement lifestyle you want to?
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Australians, on average, are living longer than ever, thanks to better health and medical advances. That means the longer you live, the more money you will need for your retirement.
Read MoreYour Super – who to nominate as your beneficiary?
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Nominating your super beneficiary is something you have most likely been asked to do if you have a superannuation fund.
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