Notes

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

These days select longer acceptable to adhere to the recommendations of tied financial advisors who would like to sell their commission-based products - investors want advice that is certainly inside their best interests.

As a starting point, review of your fund's performance over the past one to five years. If your current fund was chosen because of your employer and/or is underperforming, it could be time and energy to change funds.

If you do have a corporate super fund, you may receive reduced fees or lower insurance costs. It is therefore important to comprehend these benefits before changing super funds. Retail funds offer more services, typically have higher fees and run at the profit. Industry funds are inexpensive funds with lower fees, cost profit members. If you have several super fund, consider consolidating to cut back fees.

Spread your investments

Ideally you need to retire comfortably to compliment your future lifestyle. Ensure your asset class allocation is within line together with your investment strategy - look at the lastest super statement and rebalance your portfolio if needed. An independent advisor can assist you tailor your asset allocation and add significant value.

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

If you and your spouse havecombined super of over $150,000, might be a good time to take into consideration combining it in the SMSF to optimize your wealth (and future retirement fund).The Australian Taxation Office rule changes have experienced a rush of SMSFs stepping into investment property because of favourable changes created by the Government in 2007 that allow funds to gain access to to buy an asset.

There may also be generous tax benefits associated with buying an investment property through a SMSF, current concessional contribution cap set to lessen from 1 July to $25,000 for all those super fund members, purchasing property using your SMSF could possibly be a proper approach to further enhance your super.

Note however that stamp duty concessions end on 30 June - if you're considering committing to property using your SMSF, meet using your financial planner immediately to implement your gearing in super arrangements.

Maximise contributions by 30 June

Make essentially the most of maximising contributions to maximise your super wealth:

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

• straight from the source is the last financial year you may make in-specie share contributions in your SMSF - contribute now to minimise transaction costs.

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

• If you are over 55 it really is imperative that you review and optimise your concessionally taxed pension. Avoid any problems later around 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 higher protect your family in case you are unable to help a period because of sickness or injury, particularly should you be self-employed.

In case of the death, be sure that your super goes to who you wish it to - should you aren't sure who the beneficiaries of your respective superannuation fund are, turn it into a priority to examine it at the earliest opportunity. There are tax-related liabilities determined by who you elect to bequeath your death benefit to, so it will be imperative that you seek professional advice before completion of the Will.

Lost super fund

Visit the ATO's free website "SuperSeeker" to locate lost or forgotten super. You may be amazed.

Be vigilent to make time to take a look at super - changes in your super now can mean a huge difference inside amount that you receive when it comes time for you to retire.

Disclaimer: The information on this document doesn't take into consideration your own objectives, financial circumstances or needs which means you should think about its appropriateness having regard to those factors before acting on it. It is important that your individual circumstances are looked at prior to any financial decision and it really is recommended that you seek some help from your financial adviser.
My Website: https://superhealthcheckaustralia.com.au/