Summerhill Financial Services, based in Australia, provides of financial planning services to help build, manage and protect your wealth.
Taken at the Pink Palace at Monaco in September 2004
If you have UK pension benefits, or have transferred them in the past, proposed changes to UK law may make this harder to meet and impose greater reporting requirements on QROPS funds, particularly for self managed superannuation funds. (more…)
Changes across tax, super and Centrelink were announced today as part of the Government’s Mid-Year Economic and Fiscal Outlook (MYEFO). With a need to find cost savings, some concessions have been cut and others deferred for another year.
A summary of new announcements is outlined below. These measures are proposals and legislation still needs to be introduced. (more…)
Further budget tightening announced by the Government today in the Mid-Year Economic and Fiscal Outlook strikes another blow to reduce the effectiveness of the superannuation co-contribution scheme.
It is proposed that from 1 July 2012 the co-contribution matching rate will be reduced from 100% to 50% with a maximum co-contribution of $500. This means eligibility will cut-out for people on adjusted taxable income of $46,920.
It is an incentive to make use of your full entitlement this financial year (before 30 June 2012).
In recognition of the ongoing volatility in markets and the effect this has on retirees, the Government has announced a further extension on the reduction of the minimum payments from account-based pensions. The standard minimum payment factors will continue to be reduced by 25% throughout 2012/13, and so will be the same percentages that apply in this financial year.
The move to scrap the superannuation guarantee age limit will give Australians an incentive to remain in the workforce for longer, according to the Government.
Superannuation Minister Bill Shorten has confirmed that the amendment to abolish the age limit made it through the Lower House last week, despite the Opposition voting against it.
The new legislation means that from July 2013, up to 51,000 eligible workers aged 70 and over will receive the superannuation guarantee for the first time.
“Making superannuation contributions compulsory for these mature-age employees will improve the adequacy and equity of the retirement income system, and provide an incentive to older Australians to remain in the workforce for longer,” said the Minister.
The government said the changes will also allow employers claim income tax deductions for super guarantee contributions for workers aged 70 plus, which means they won’t be deterred by any higher costs.
If you live a comfortable life now, will you still live a comfortable life in retirement? Or will yours be a ‘modest’ lifestyle? And what is a ‘comfortable’ life anyway? And how much does it cost?
Whether you live a “comfortable” or “modest” lifestyle in retirement depends entirely on how much money you have. (more…)
In the 2008-09 Budget, the Federal Government announced measures to reform income tests across the tax and transfer systems; these will come into effect from 1 July. This includes now taking into account items such as salary sacrifice superannuation contributions in benefit calculations. (more…)
As a result of the significant downturn in financial markets, the Government has announced a 50% reduction in the minimum drawdown requirement for account based pensions for the year ending 30 June 2009. This will apply to account based, allocated and term allocated pensions and annuities. (more…)
Legislation changes have opened borrowing options for self-managed super funds. However, as with all investments, it must follow as part of the super fund’s investment strategy. And don’t rush in just yet — the costs are quite high.
UK law changes may affect pension entitlements transferred from a UK pension scheme to an overseas scheme (including Australia).