Notes

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

These days go for longer acceptable to check out the advice of tied financial advisors who wish to sell their commission-based products - investors want advice that is certainly within their needs.

As a place to start, take a look at fund's performance over the past one to five years. If your current fund was chosen through your employer and/or is underperforming, it can be time to change funds.

If you've got a corporate super fund, you might receive reduced fees or lower insurance premiums. It is therefore important to know these benefits before changing super funds. Retail funds offer more services, normally have higher fees and run with a profit. Industry funds are low priced funds with lower fees, go to profit members. If you have several super fund, consider consolidating to relieve fees.

Spread your investments

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

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

If you and your partner havecombined super of over $150,000, now's a fun time to think about combining it inside a SMSF to increase your wealth (and future retirement fund).The Australian Taxation Office rule changes have witnessed a rush of SMSFs getting into investment property because of favourable changes created by the Government in 2007 that allow funds to gain access to to buy a good thing.

There will also be generous tax benefits associated with buying an investment property via a SMSF, and also the concessional contribution cap set to lessen from 1 July to $25,000 for those super fund members, purchasing property using your SMSF might be a suitable way to further boost your super.

Note however that stamp duty concessions end on 30 June - if you are thinking about purchasing property through your SMSF, meet along with your financial planner as quickly as possible 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 well as over may make up to $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, as well as under 50 year olds, the cap is $25,000. Superannuants under 65 could also make non-concessional contributions up to $150,000 (or $450,000 "bring forward" over 3 years), again susceptible to the work 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.

• https://superhealthcheckaustralia.com.au/ is the last financial year you will 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 in early 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 no less than 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 benefit a short time due to sickness or injury, particularly in case you are self-employed.

In case of one's death, ensure your super visits individual preference would like it to - should you aren't sure who the beneficiaries of your superannuation fund are, convert it into a priority to examine it at the earliest opportunity. There are tax-related liabilities based on which team you decide to bequeath your death help to, so it is imperative that you seek professional advice before completion of one's Will.

Lost super fund

Visit the ATO's free website "SuperSeeker" to get lost or forgotten super. You could possibly be amazed.

Be vigilent and earn time for it to research your super - changes for your super now can mean a big difference inside amount that you get when it comes time and energy to retire.

Disclaimer: The information within this document doesn't take into account your personal objectives, financial situation or needs so you should look into its appropriateness having regard to the telltale factors before functioning on it. It is important that your personal circumstances are taken into account before making any financial decision and it really is recommended that you seek the help of your financial adviser.
Homepage: https://superhealthcheckaustralia.com.au/