Category: Superannuation News
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Mastering Superannuation Rules for Retirement Success in Your 60s
Understanding superannuation rules is crucial as you approach your 60s. These rules dictate how much you can contribute, when you can access your funds, and the tax implications. The aim is to ensure your super is utilized for retirement income, leveraging Australia’s super system benefits. A PRACTICAL GUIDE TO AUSTRALIAN SUPERANNUATION: A Plain-English Guide to…
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Retirees Embrace Downsizing Trend for Financial Benefits and Comfort
Retirees across Australia are increasingly embracing the concept of downsizing, a trend that has gained momentum in recent years. The federal government’s initiatives aimed at incentivizing seniors to sell their family homes and transition to more suitable accommodations have been well-received. By allowing individuals aged 55 and above to contribute up to $300,000 to their…
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Maximize Super Contributions with Spouse Offset and Co-contribution Strategies
A superannuation specialist emphasized the importance of documenting spouse contributions correctly to activate eligibility for offsets in self-managed super funds. Jason Hurst, a technical adviser, highlighted in a webinar the significance of spouse contributions being considered non-concessional for the receiving spouse, subject to caps and total super balance rules specific to the recipient. A PRACTICAL…
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Maximize Superannuation Funds: Essential End-of-Year Checklist
As the financial year draws to a close, it’s time to get your superannuation funds in order and maximize available strategies. Here’s a checklist of essential tasks to address with your advisers before June 30. A PRACTICAL GUIDE TO AUSTRALIAN SUPERANNUATION: A Plain-English Guide to Maximising Your Contributions, Planning for Retir… | $15.39 Firstly, timing…
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Maximize Super Contributions with Strategic Planning Before June 30
As June 30 approaches, it’s crucial to review your superannuation contributions to maximize available caps and benefits. Contribution caps are generally “use it or lose it,” making it essential to seek advice on strategies to build your super balance efficiently. The concessional contribution cap and timing of contributions play a significant role in optimizing your…
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ASIC Accuses Mercer Super of Breach Reporting Failures
ASIC has taken legal action against Mercer Super, accusing the fund of failing to comply with reporting obligations. The regulator alleges that Mercer Super did not promptly report investigations into breaches of core obligations as required by the reportable situations regime. According to ASIC, Mercer Super was late in reporting one investigation and failed to…
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Financial Adviser Misconduct Exposes Retirement Savings Peril
Peter, a veteran in the mining industry, had hoped to retire comfortably after over two decades of hard work. However, his dreams were shattered when his financial adviser convinced him to invest a significant portion of his superannuation savings in the now-collapsed First Guardian investment fund. Allegations of misconduct and misleading practices surrounding the fund…
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Financial Adviser Reprimanded for Neglecting Client’s Past Advice
A financial adviser recently faced a reprimand from the Financial Services and Credit Panel (FSCP) concerning superannuation advice, as reported by Money Management. The FSCP, appointed by ASIC, reviewed the adviser’s conduct in light of various financial services laws under the Corporations Act 2001. OSYLICT Budget Planner,Monthly Finance Organizer with Expense Tracker Notebook to Manage…