Notes

Pre-30 June Super Health Check
Which type of fund is the best for you?

These days select longer acceptable to check out counsel of tied financial advisors which sell their commission-based products - investors want advice that is certainly in their desires.

As a starting place, review your fund's performance in the last one to five years. If your current fund was chosen from your employer and/or is underperforming, it can be time to change funds.

If you have a corporate super fund, you could receive reduced fees or lower insurance fees. It is therefore important to understand these benefits before changing super funds. Retail funds offer more services, normally have higher fees and run in a profit. Industry money is low cost funds with lower fees, run to profit members. If you have multiple super fund, consider consolidating to reduce fees.

Spread your investments

Ideally you would like to retire comfortably to compliment your future lifestyle. Ensure your asset class allocation is in line with your investment strategy - check your lastest super statement and rebalance your portfolio if needed. An independent advisor may help you tailor your asset allocation and add significant value.

Consider a Self Managed Super Fund (SMSF) to improve your super potential

If you and your husband havecombined super that could reach over $150,000, now is a great time to take into consideration combining it in a very SMSF to increase your wealth (and future retirement fund).The Australian Taxation Office rule changes have experienced a rush of SMSFs stepping into investment property on account of favourable changes introduced by the Government in 2007 that allow funds to loan to buy an asset.

There can also be generous tax benefits associated with buying a good investment property through a SMSF, along with the concessional contribution cap set to lessen from 1 July to $25,000 for all super fund members, purchasing property through your SMSF could possibly be the right strategy to further boost your super.

Note however that stamp duty concessions end on 30 June - if you are thinking about buying property via your SMSF, meet together with your financial planner at the earliest opportunity to implement your gearing in super arrangements.

Maximise contributions by 30 June

Make probably the most of maximising contributions to optimize your super wealth:

• For 20011/12, superannuants aged 50 and over may make as much as $50,000 in concessional contributions (susceptible to work tests for 65 to 74 year olds). For 2012/13 this amount is reduced to $25,000, as well as under 50 year olds, the cap is $25,000. Superannuants under 65 also can make non-concessional contributions up to $150,000 (or $450,000 "bring forward" over several years), again at the mercy of the task tests for all those aged 65 to 74.

• Avoid breaching contribution caps and being taxed 93% in your contributions by identifying and rectifying any errors before year end.

• This is the last financial year you will make in-specie share contributions for your SMSF - contribute now to minimise transaction costs.

• Avoid breaching the brand new and reduced $25,000 concessional cap by reviewing your salary sacrifice arrangements noisy . July.

• If you are over 55 it can be vital that you review and optimise your concessionally taxed pension. Avoid any problems later along the track by withdrawing at least your minimum pension by 30 June.

Insurance and estate planning

Consider holding life, TPD and income protection insurance to improve protect your loved ones in the event you cannot work with a period of time as a result of sickness or injury, particularly if you're self-employed.

In the wedding of your death, keep your super visits whom you would like it to - if you aren't sure who the beneficiaries of the superannuation fund are, make it a priority to analyze it immediately. There are tax-related liabilities based on which team you tend to bequeath your death profit to, therefore it is imperative that you seek professional advice before completion of your respective Will.

Lost super fund

Visit the ATO's free website "SuperSeeker" to discover lost or forgotten super. https://superhealthcheckaustralia.com.au/ might be pleased.

Be vigilent making time to review of your super - changes for a super now can mean an impact in the amount you get when it comes time and energy to retire.

Disclaimer: The information with this document won't take into consideration your personal objectives, financial predicament or needs which means you should think about its appropriateness having regard about bat roosting factors before working on it. It is important that your personal circumstances are looked at prior to making any financial decision and it really is recommended that you seek the help of your financial adviser.
Read More: https://superhealthcheckaustralia.com.au/