Tag: Ask the Expert
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Ask the Expert: Kicking goals with clever pension planning
Question 1 Where a reversionary option is in place for super, how is it treated in respect of the “available cap space” of the surviving spouse? When you have a superannuation pension you can nominate a “reversionary”. This means that the pension automatically “reverts” to the nominated person upon your death (assuming the nomination was…
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Ask the Expert: When should I ditch insurance within super?
Question 1 Insurance within super – at what stage should you discontinue it? As you get towards retirement age, premiums get dearer and your fund balance increases to the extent that a death benefit is not needed. This can be a tricky question and there is no black and white answer. Insurance within super provides…
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Ask the Expert: Million dollar question on retirement needs
Question 1 I am 57, earning $300,000 a year with a super balance of $350,000. I have paid off my house and now have money accumulating, and I’m not sure what to do with it. Mostly because I’m not sure about the rules regarding putting more into my superannuation. My goal is to have $1…
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Ask the Expert: Four questions to ask a potential financial adviser before signing up
Question 1 My partner and I are looking to retire within the next 12 months. We were advised to see a financial planner to set up a plan and to navigate all the forms, Centrelink and other financial issues we may face. After seeing a financial planner we thought that he would be able to…
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Ask the expert: How super inputs can affect tax debt
Question 1 Thanks for your helpful articles. I am 64 years old (fortuitously turning 65 on the 30th June, the end of the financial year). My industry super fund has a balance over $500,000. In FY2024, I sold an investment property and was lucky enough to create an ATO Capital Gains Tax liability of approximately…
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Ask the Expert: The pros and cons of using super to buy a home in retirement
Question 1 I’m a 64-year-old single female, working full time, who doesn’t own a house. I have two super funds. One with approximately $530,000 and one with approximately $60,000. I know that when I turn 65 I can access all my super. I was wondering if it would be an idea to buy a house…
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Parents lending a property hand
Question 1 If I use some of my savings and super to help my daughter buy a house, will the money I contribute become part of her income and be taxed (again), or would it be better for me to be a part-owner of the property? No. Gifts are not counted as taxable income in…
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Ask the Expert: Why sharing is caring, especially when it comes to super balances
Question 1 Hi Craig, thank you for the information in your column. My question is: My total super balance at the end of last fianancial year was $1,890,280. It has increased to $1,979,418. Should I withdraw some and possibly put it into my wife’s super account to bring my balance down under $1,900,000 – and…
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Ask the Expert: When playing ‘catch up’ with super can pay off for retirement
Question 1 I have been on leave without paying super from July 1. I want to put $30,000 concessional super and $23,000 catch up super into my fund this financial year. Is this possible if I don’t return to work? I have capital gains on an investment property I sold in July, which gets added…
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Ask the Expert: Trust is not enough with financial advice
Question 1 I recently met a financial adviser and received some instruction about how to invest my super. I am not completely comfortable with the advice I received. Is seeking a “second opinion” from a different financial adviser an option? Like you would with a mechanic or dentist. Or should I just trust my adviser’s…