Notes

Pre-30 June Super Health Check
Which sort of fund is perfect for you?

These days go for longer acceptable to adhere to the advice of tied financial advisors who want to sell their commission-based products - investors want advice which is in their best interests.

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

If there is a corporate super fund, you could receive reduced fees or lower insurance costs. It is therefore important to be aware of these benefits before changing super funds. Retail funds offer more services, typically have higher fees and run at the profit. Industry total funds are affordable funds with lower fees, cost profit members. If you have more than one super fund, consider consolidating to reduce fees.

Spread your investments

Ideally you want to retire comfortably to compliment your future lifestyle. Ensure your asset class allocation is in line together with your investment strategy - look at lastest super statement and rebalance your portfolio as appropriate. 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 partner havecombined super that could reach over $150,000, now is a good time to take into account combining it in a very SMSF to optimize your wealth (and future retirement fund).The Australian Taxation Office rule changes have observed a rush of SMSFs getting into investment property on account of favourable changes designed by the Government in 2007 that permit funds to loan to purchase a good thing.

There are also generous tax benefits associated with buying a smart investment property by way of a SMSF, current concessional contribution cap set to lessen from 1 July to $25,000 for those super fund members, purchasing property via your SMSF could be the right approach to further boost your super.

Note however that stamp duty concessions end on 30 June - if you are thinking about committing to property through your SMSF, meet with your financial planner immediately to implement your gearing in super arrangements.

Maximise contributions by 30 June

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

• For 20011/12, superannuants aged 50 well as over will make around $50,000 in concessional contributions (subject to work tests for 65 to 74 year olds). For 2012/13 this amount is reduced to $25,000, and then for under 50 year olds, the cap is $25,000. Superannuants under 65 could also make non-concessional contributions approximately $150,000 (or $450,000 "bring forward" over 3 years), again at the mercy of the project tests for those aged 65 to 74.

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

• important site is the last financial year you may make in-specie share contributions in 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 during the early July.

• If you are over 55 it is important to review and optimise your concessionally taxed pension. Avoid any problems later along the track by withdrawing a minimum of your minimum pension by 30 June.

Insurance and estate planning

Consider holding life, TPD and income protection insurance to better protect your household when you cannot work with some time due to sickness or injury, particularly if you are self-employed.

In the event of one's death, be sure that your super would go to which team you wish it to - should you aren't sure who the beneficiaries of the superannuation fund are, make it a priority to review it as soon as possible. There are tax-related liabilities depending on whom you decide to bequeath your death help to, so it is important to seek professional advice before completion of your respective Will.

Lost super fund

Visit the ATO's free website "SuperSeeker" to find lost or forgotten super. You could be happily surprised.

Be vigilent to make time for it to research your super - changes for a super now can mean a huge difference in the amount that you get when it comes time for it to retire.

Disclaimer: The information in this document doesn't take into consideration your individual objectives, financial predicament or needs and so you should look into its appropriateness having regard about bat roosting factors before performing on it. It is important that your individual circumstances are taken into account prior to any financial decision and it really is recommended that you seek some help from your financial adviser.
Read More: https://superhealthcheckaustralia.com.au/