This article uses a case study to discuss the potential advantages and consequences of withdrawing superannuation under the governments COVID-19 initiative. It advises people to speak with a financial planner to discuss these complex issues before making a decision.
As the COVID-19 virus took a sledgehammer to the economy, the federal government rapidly introduced a range of initiatives to help individuals who lost income as a result of the measures taken to control the virus.
One of those initiatives was to allow qualifying individuals access to a portion of their superannuation to help them meet their living costs. Withdrawals are tax free and don’t need to be included in tax returns. Most people can withdraw up to $10,000 in the 2019/2020 financial year and up to a further $10,000 in the 2020/2021 financial year.
To download and use this content, make sure you're logged in then hit the Download button and choose 'Save as' to keep the document.
No login details? Register above for full access.
This article answers 5 frequently asked questions about superannuation.
If the ins and outs of superannuation leave you confused, the answers to these frequently asked questions will help you understand the basics.
So many people ignore their superannuation statements and don’t realise the benefits of checking them on a regular basis. This article explains what to look for and what to do if changes are required.
Superannuation statements. Boring, right? But if, like many people, you toss your annual super statement in a drawer or hit delete, you could be depriving yourself of many thousands of dollars just when you need it. So it’s worth the small effort to take a closer look at your superannuation statement. If everything is in order, you’ll get a warm glow from watching your nest egg grow. Conversely, a quick check of your statement may reveal some of the common problems that occur with super; and the sooner these are fixed the quicker your savings can increase.
What to look for
With so many changes to super in recent times, comparing to the past can be confusing for your readers. Focusing on the present, this article starts afresh giving an overview of the current superannuation contribution options.
Despite frequent changes to its governing rules, superannuation remains, for most people, a tax-effective environment in which to save for retirement. Here’s a quick Q&A on the what, why and how of contributing to superannuation from this point on.
A successful super contribution strategy can mean the difference between looking forward to retirement and dreading it. This article is provided as an overview. Super is a complex area and further rules apply in some situations. Getting things wrong can be costly so talk to your qualified financial planner, and get the right advice on the best ways to boost your super.
This article explains how investing in assets such as shares contributes to movements in superannuation fund balances. It answers a common question as simply as possible.
If you pay close attention to the value of your superannuation fund, and if, like most people, your money is spread across the main investment classes, you would have noticed that your retirement savings can both rise – and fall - in value. This can lead to some nervous times, particularly if you are close to or already in retirement.
What causes these ups and downs and can you do anything about them?
In 2018-19, more than 329,000 Australians claimed over $104 million in co-contributions. A lot of people are taking advantage of this opportunity.
1300 654 353 Email us here PO Box 42Horsham VIC 3402