Q&A

Getting home downsizing right

Q: We have recently retired and are planning to sell our family home for something smaller. We are thinking of using the home downsizer scheme to top up our super but have heard there are a few traps for the…

The work test exemption for new retirees

Q: I am 67 and planning to retire at the end of the year. In understand there is a new rule that allows me to continue contributing to super for a while after I retire, even if I am not…

Take care with property development in an SMSF

Q: My wife and I are trustees and members of an SMSF. We have a property in the fund, which we would like to knock down and rebuild. Can an SMSF be used to develop a property? A: Yes, but…

How can I avoid breaching the super contribution cap?

Q: I have more than one job and last financial year I was close to breaching my concessional contribution cap. I understand the Government was looking at some changes to the super rules that would help people like me avoid…

Q&A

Q: I receive a part-Age Pension, in addition to income from investments. I read that the Government has changed the deeming rate. Can you explain how that might affect me? A: Deeming is a method the government uses to calculate…

Q&A

Q:  I have a home loan that eats up a lot of my income each month. I am trying to decide whether to keep making repayments at the current level or get some income back for the family budget. How…

Q&A

Q: I am expecting to receive a tax benefit under the low to middle income tax offset the Government legislated last week. Is an offset the same as a deduction? Does the tax benefit work in the same way? A:…

Q&A

Q: Is superannuation safe from bankruptcy, and do the bankruptcy rules also apply to superannuation death benefits? A: If you are declared bankrupt your assets “vest” with the bankruptcy trustee to be paid to creditors. However, a bankrupt’s superannuation savings…