Super and Financial Planning

  • Insurance Policy ActionThis year’s Productivity Commission inquiry into superannuation highlighted concerns that many Australians’ super benefits are being eroded by fees and inappropriate insurance premiums.

  • By Thomson Reuters Tax & Accounting on 18 October 2019

     

    Superannuation Insurance ChangesYou may have heard a lot recently about super funds providing either opt-in or opt-out insurance and have wondered how will affect you and your retirement savings.

  • CGT on Inherited DwellingThere’s nothing as certain as death and taxes, but tax on death is not so clear. The good news is that when an asset passes to a beneficiary, capital gains tax (CGT) generally does not apply. But down the track when the beneficiary decides to sell that asset, there are many forks in the path.

  • Super Downsizer Errors“Downsizer” contributions let you contribute some of the proceeds from the sale of your home into superannuation – but there are several important eligibility requirements.

  • First Home Super SchemeSaving for your first home? In a market where owning your home is increasingly out of reach for many, the First Home Super Saver (FHSS) scheme offers some practical hope. Here we look at how it works.

  • Health Cover Tax CostsIf you don’t hold private hospital cover – or are thinking about dropping it – make sure you understand the financial consequences. You could be hit with an extra tax surcharge of up to 1.5% or cost yourself extra premiums in future.

  • Hiring Contractors do you need to pay SuperYour business may be required to make superannuation contributions for some independent contractors, even if they have an Australian Business Number (ABN).

  • Super withdrawal taxYou’ve worked hard for your super, so make sure you access your benefits in the most tax-effective way possible. Members aged under 60 years will pay tax on their withdrawals, but if you’re over 60 you generally will not pay any tax

  • interprac logoFinancial Planning

    Hunter Partners operates its financial Planning business through Zara (NQ) Pty Ltd (Zara). InterPrac Financial Planning Pty Ltd has appointed Zara as a Corporate Authorised Representative (ARN: 410255) and Stuart Hunter as an Associated Authorised Representative (ARN: 410276) of Zara.

    InterPrac Financial Planning Pty Ltd (InterPrac) is an Australian Financial Services Licence holder. InterPrac offers a broad range of financial services that are backed by their ongoing support and expertise. Their size, skills and success enable us to offer first class personal services in financial planning, wealth creation and wealth preservation strategies, whilst at the same time ensuring that we're a progressive company in the ever evolving financial services profession.

    Hunter Partners are able to provide the following services, including but not limited to;

    • Deposit Products;
    • Managed Investment Schemes including Unit Trusts, Investment Bonds, Direct Shares, Property Trusts, Growth Funds, Balanced Funds, Indexed Funds and Cash Management Accounts;
    • Share Market Investments;
    • Tax Effective Investments;
    • Mortgage Lending;
    • Superannuation, including Allocated Pensions, Rollovers, Personal Superannuation, Company Superannuation and Self Managed Superannuation Funds (SMSF);
    • Retirement Planning including aged care and estate planning;
    • Life Insurance Products, including Annuities, Term Insurance, Income Protection, Trauma and Total and Permanent Disability Insurance;
    • Margin Lending

    InterPrac Financial Planning Pty Ltd is the holder of Australian Financial Services Licence No. 246638 under which InterPrac is authorised to carry on a financial services business which includes the provision of financial product advice and dealing in financial products.

    Head Office
    InterPrac Financial Planning Pty Ltd

    Level 8, 525 Flinders Street
    Melbourne  VIC  3000

    Contact Details
    Phone: 1800 700 666

    Fax: (03) 9209-9770

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    GENERAL ADVICE WARNING
    The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your InterPrac Financial Planning Authorised Representative before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given with respect of the information provided and accordingly neither InterPrac Financial Planning Pty Ltd nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.

  • Super Insurance OptInThere are new rules on the way that will require young adults and members with low super balances to actively “opt in” to holding insurance in super.

  • Corporate SMSF Trustee BenefitsSetting up a new SMSF does involve some cost, and one of the decisions you’ll need to make is whether it’s worth paying to establish a new company to act as trustee.

  • Lending to your SMSFThinking about a gearing strategy for your SMSF? It’s possible to borrow from a related party, but you must structure the loan terms correctly or else face significant tax penalties.

  • SMSF Overseas StrategyTaking an extended job posting overseas? If you currently have an SMSF, you’ll need a strategy for managing your super to ensure your fund doesn’t breach any residency rules. Know your options and plan before you go.

  • ATO Business TestGot a passive corporate entity that holds an investment property or perhaps plant and equipment? The ATO has confirmed it takes a broad approach to when a company carries on a “business”, which means some company taxpayers may be entitled to business tax concessions they hadn’t previously considered. Find out if your company is affected.

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  • Super Guarantee Loopholes ClosureSalary sacrifice strategies are a great way to boost retirement savings. But unwelcome loopholes in the law mean some workers may be getting less than they bargained for.

  • Shares And CGTDid you know that when you sell your shares, the size of your capital gains tax bill is affected by how long you’ve held the shares, and how you offset your capital gains and losses?

  • Small Business CGT Records

    The small business CGT concessions can save businesses some serious tax – and help business owners significantly boost their superannuation – but it’s essential that you keep the right records, particularly for when the time comes to sell.

  • 027 CGT Concessions RulesThe small business CGT concessions are a great tool for business owners to transfer wealth into super. Here, we break down the two essential requirements you must first meet in order to access any of the concessions.

  • SMSF and Fractional InvestmentsPreviously, it was thought that any benefit provided directly or indirectly to members or related parties of an SMSF from an investment would contravene the sole purpose test. However, a Full Federal Court decision has reframed the sole purpose test which will provide some flexibility to trustees on certain investments.

  • Super funds copmpared: Part 2Insurance and dispute resolution might not be high on your list of things to consider when starting up an SMSF, but these issues do affect SMSFs differently to public offer funds. What will you do if a dispute arises between SMSF members, and what does taking out insurance in an SMSF practically involve?

  • Super funds comparedFor many people, SMSFs are a great option for building retirement savings, but they may not be suitable for everyone. Before you jump in, make sure you understand the differences between SMSFs and other types of funds to help you make an informed decision.

  • ATO SMSF Investment ReviewOver 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justify their diversification risk.

  • High earner Super Opt outIf you’re a high income-earner with multiple employers, you may be aware of potential traps with compulsory super contributions that can lead to some hefty and unfair penalty taxes – and until now there’s been little anyone can do to avoid the problem.

  • Bankruptcy and Super ProtectionSuperannuation is an effective investment structure for asset protection, but a questionable contribution into super could jeopardise some of your benefits in the event of bankruptcy. How you access your benefits can also make a big difference.

  • Super Guarantee OptOutIf you’re a high-income earner with multiple employers, there is a good chance that you may unintentionally exceed the super concessional contributions cap in any year, which may cause excess contribution issues.

  • Unpaid Super Employer AlertUnpaid super is a big problem, and the compliance landscape is changing. If you’re an employer, now is the time to take action and protect yourself against penalties.

  • Valuing SMSF Assets At Market ValueRecording the market value of your SMSF’s assets is an important trustee responsibility. But how do you prove “market value”, how often must you value assets and when do you need to hire an expert valuer?

  • Super Release Retirement Rules

    Did you know that if you’re aged between 60 and 64, you can access your super if you change jobs – without retiring permanently?

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