Posted on March 18, 2021 by admin
After COVID 19âs impact on the world, an influx of employees who had lost their jobs fell into the job market. Many of these came from companies that couldnât afford to continue their employment. As a result, many individuals had to seek alternative employment, or draw from their super. Some individuals took on multiple jobs to pay bills, and others drew from the super that they had accumulated in the governmentâs early release scheme specifically for coronavirus related income loss.
Super is held by superannuation funds, and accumulates as a result of how much super an employer pays to the employeesâ funds. Many Australians may find that they actually possess multiple super accounts as a result of having âlostâ their super accounts during changeovers. It can also happen as a result of changing names, moving addresses, living overseas or changing jobs.
Australians can use the ATOâs online tools to:
As superannuation funds often have fees associated with their upkeep, as well as insurances that may be tied into it (such as life, total and permanent disability and income protection), itâs important to consult with providers before accounts are consolidated.
https://www.ato.gov.au/Individuals/Super/Growing-your-super/Keeping-track-of-your-super/#Lostsuper
Posted on April 21, 2021 by admin
With a significant number of Australians approaching retirement and looking at the best ways to maximise their retirement assets and income from their super for it, retirement planning makes sense.
Unfortunately, there are those who want to target people approaching and planning for their retirement with schemes designed to âhelpâ retirees and prospective retirees avoid paying tax by channelling their income through a self-managed super fund.
Retirement planning schemes are designed to help people avoid paying tax on the income earned through their assets (often in an illegal manner). Those schemes may seem like a simple get-rich-quick solution in maximising assets and income for retirement but can put peopleâs entire retirement savings at risk.
Anyone can fall prey to a retirement planning scheme. Anyone who is looking to put significant amounts of money into superannuation can be at risk of being ensnared, particularly those who are over 50, and who are:
Checking for standard features of retirement planning schemes can be an excellent way to avoid becoming tangled in one. Retirement planning schemes usually:
Currently, there are a number of schemes targeted towards those individuals who currently have an SMSF, as they have a high level of control and autonomy in the way that their retirement savings are invested (subject to applicable tax and super laws).
Some examples of retirement planning schemes include:
To avoid becoming a part of a retirement planning scheme, seek professional advice on super or SMSFs from an accountant.
