Getting ahead with your superannuation when you’re self-employed

Getting ahead with your superannuation when you’re self-employed If you’re self-employed in Australia, there’s a good chance your retirement savings aren’t all they could be. In fact, research from the Association of Superannuation Funds of Australia (AFSA) found in the run up to retirement, the self-employed have around half the superannuation of employees. We talked to CERTIFIED FINANCIAL PLANNER® professional Dacian Moses, financial planner at Waterfall Way Associates, about strategies for the self-employed to get on …

FinancialPartners 05/07/2018 20/08/2018 Blog / FP - Pre - Retirement Planning / FP - Super - Accumulation / Money & Life - Get Advice / Money & Life by FPA contributions / Getting ahead / Getting ahead with your superannuation when you’re self-employed / Self-employed / super / super contributions / superannuation

What happens to my super when I move overseas?

What happens to my super when I move overseas? If you’re a permanent resident, your super will remain subject to the same rules. If you’re a temporary resident, you may be able to claim a departing Australia superannuation payment. You might be leaving the country for a variety of reasons – career prospects, love, adventure, new opportunities – or you may be returning home. While you’ve probably got a checklist of things to cover off …

FinancialPartners 27/06/2018 20/08/2018 Blog / FP - Financial Planning / FP - Pre - Retirement Planning / FP - Super - Accumulation already relocated overseas / Aussie citizen / bound for New Zealand / Consider / Consider consolidating your funds / consolidating / find / Find your lost super / funds / Look into contributions / lost super / move overseas / Need Help / need to do before moving / overseas / permanent resident leaving the country / Research fees and options / super / superannuation / What can I do with my super / What happens to my super / What happens to my super when I move overseas?

Laterpreneurs: Taking on encore careers

Laterpreneurs: Taking on encore careers Once upon a time, people went out, got a job and stayed there for the rest of their working lives. But “a job for life” is no longer an option for most working Australians. Changing careers, going out on your own and pursuing a dream to become self-employed has become the reality for many. The amount of co-working spaces that have opened up in major cities is evidence that more …

FinancialPartners 23/06/2018 20/08/2018 Blog / Money & Life - Work & Retirement / Money & Life by FPA Age Pension / Business / Careers / Don’t quit your day job / encore / encore careers / Exit strategy / Job satisfaction / Laterpreneurs / Laterpreneurs: Taking on encore careers / Marketing / Marketing your business / super / superannuation / Taking on encore careers / Write a business plan

Superannuation and separation: Who keeps the money?

Superannuation and separation: Who keeps the money? Depending on the situation, you might get some of your ex-partner’s super, or they may get some of yours. A divorce from your husband or wife, or a separation from your de facto, could mean a division of your assets and debts, whether they’re held separately or together, and superannuation is no exception. Another thing to note is even if one of you hasn’t contributed to super for many …

FinancialPartners 22/06/2018 20/08/2018 Blog / FP - Pre - Retirement Planning / FP - Super - Accumulation divided / How is super divided / Money / separation / Splitting super / Splitting super - what to keep in mind / super / superannuation / Superannuation and separation / Superannuation and separation: Who keeps the money? / What does the process involve / what to keep in mind / Who keeps the money

Are you entitled to a tax deduction on personal super contributions?

Are you entitled to a tax deduction on personal super contributions? This financial year is the first time that employees can claim a tax deduction for their personal super contributions. Personal super contributions made during the 2017-18 financial year can now be claimed as a tax deduction by most Australian workers. This follows changes made by the government which came into effect on 1 July 2017. Previously, only the self-employed, unemployed, retirees, or those who …

FinancialPartners 20/06/2018 20/08/2018 Blog / FP - Super - Accumulation / FP - Taxation Are you entitled to a tax deduction on personal super contributions? / contributions / End of Financial Year / End of Financial Year Tax consideration / entitled / How tax deductible personal super contributions work / personal super / super / superannuation / Tax consideration / Tax Deduction

Should I take my super as a lump sum?

Should I take my super as a lump sum? Taking your super as a lump sum might be tempting, but it won’t be the best option for everyone. You’ve probably spent much of your working life accumulating super. So, when the time comes and you’re able to access it, you might be wondering whether you’d be better off taking the money as a lump sum, income stream, or even a bit of both. To help you make …

FinancialPartners 21/05/2018 20/08/2018 Blog / FP - Pre - Retirement Planning / FP - Retirement / FP - Super - Accumulation account based pension / annuities / as a lump sum / Income Stream / lump sum? / Pension / Retirement / Should I take / Should I take my super as a lump sum? / super / superannuation

Can I put money into super when I’m 65 or over?

Can I put money into super when I’m 65 or over? If it’s a voluntary contribution, you’ll need to have worked for at least 40 hours within a 30-day period under work test requirements. If you’re 65 or over, you can continue to build your superannuation with compulsory employer contributions (such as Super Guarantee contributions your employer pays where you are eligible). However, if you’re making voluntary contributions, which you may do through salary sacrifice (which is …

FinancialPartners 23/04/2018 20/08/2018 Blog / FP - Retirement / FP - Super - Accumulation 65 / accumulation / Can I put money into super when I’m 65 or over? / Employment / Fundraising / into / Money / over / Pension / put / Retirement / Retirement planning / super / superannuation / wealth accumulation

How would your superannuation stack up if paid as a monthly salary?

How would your superannuation stack up if paid as a monthly salary? Your super balance might look good as a lump sum figure, but would it suffice if divided into regular monthly repayments in retirement? Superannuation is likely to be one of the biggest assets most of us will ever own, with expectations it could become the average Aussie’s greatest asset, overtaking the family home, in the coming decades1. If you checked your super balance …

FinancialPartners 26/03/2018 20/08/2018 Blog / FP - Pre - Retirement Planning / FP - Super - Accumulation Ageing / Australia / Cash balance plan / Gerontology / How would your superannuation stack up if paid as a monthly salary? / Investment / Life annuity / monthly / Old age / paid / Pension / Pension Benefit Guaranty Corporation / Retirement / Retirement plans in the United States / salary / stack up / Summation / superannuation / Superannuation in Australia / The Age

Do you make up the age group with the most lost super?

Do you make up the age group with the most lost super? With almost $18 billion of super money unclaimed in Australia, it’s worth knowing if any of it’s yours and how to go about getting it. If you noticed cash was missing from your wallet, it’s more than likely you’d look for it. But, what if the money you lost track of was your superannuation? Would you notice it was gone? Would you know …

FinancialPartners 24/03/2018 20/08/2018 Blog / FP - Super - Accumulation age group / ATO / consolidate / contributions / Do you make up the age group with the most lost super? / Fundraising / lost / lost super / super / super accounts / super fund / superannuation / transferred to the ato

Separating fact from fiction when it comes to superannuation

Separating fact from fiction when it comes to superannuation If you’re wondering whether super is improving retirement outcomes for Australians, we take a look at some of the findings. If you’ve got compulsory super contributions coming out of your wages or salary, or you’re making voluntary contributions, or both, you’re probably keen to know how super is making a difference to everyday Aussies, if at all, given it’s a system that has now been in …

FinancialPartners 16/03/2018 20/08/2018 Blog / FP - Pre - Retirement Planning / FP - Super - Accumulation age / Ageing / Aging / Asset / Australia / Capital accumulation / Collective investment scheme / Employment / Fact / fiction / Finance / Financial adviser / Gerontology / Investment / Life annuity / Pension / Pension fund / Personal finance / Rate of return / Retirement / Saving / Separating / Separating fact from fiction when it comes to superannuation / superannuation / Superannuation in Australia / The Age