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10 May 2024
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Super reviews aggregate retirees into an impersonal number on a chart, but the 2,700 Australians who retire each week are undergoing a major change in their lives. Why and when do they retire and then what?
Australians don't need dodgy schemes in Caribbean islands to hide their wealth. There are plenty of legal ways to avoid paying tax but they will leave personal income tax carrying a heavy burden for future generations.
Like negative gearing, discounted capital gains tax, especially on residential investment properties, is criticised for giving investors an edge over first-home buyers. A discount is justified but at what level?
Claiming tax deductions for personal super contributions can be an excellent EOFY step, but there are traps to avoid and paperwork which cannot be overlooked. The ATO watches that super is administered correctly.
It started out as a simple idea, but the closer the implications of the new $3 million super tax are examined, the more complex it becomes. It may require thinking differently about investments after 30 June 2025.
The Total Superannuation Balance (TSB) may sound self explanatory but many people with large super balances are about to care far more about exactly what goes into a TSB. And there are some quirks to understand.
The new super tax is a heavy surcharge on long-term investments because most of the gains from growth assets such as shares and property come from value gains which are mainly due to inflation.
No entity holds a consolidated view of the taxable income of super, not even the ATO. So Treasury and the Treasurer adopted a simple method to impose a new tax, and the adverse consequences then started to surface.
Family trusts are used to hold wealth, with benefits like asset protection, tax planning, capital gains tax discount and ability to carry forward losses. But there are disadvantages that must be weighed up.
Passive investing typically incurs less tax than active investing but should be made even more tax-effective by using losses in the portfolio to offset taxable capital gains.
Noel responds to Chris doubting it is possible to take the heat out of the market with tax changes, but he’s fine if the 50% CGT discount does not kick in for at least five years.
It's tempting for an SMSF trustee to try to offset capital losses from share sales against other income by becoming a share trading business. It’s not easy to satisfy the provisions of superannuation law.
Life has radically shifted with my brain cancer, and I don’t know if it will ever be the same again. After decades of writing and a dozen years with Firstlinks, I still want to contribute, but exactly how and when I do that is unclear.
How useful are the retirement savings and spending targets put out by various groups such as ASFA? Not very, and it's reducing the ability of ordinary retirees to fully understand their retirement income options.
Australia will have 3.7 million more people in a decade's time, though the growth won't be evenly distributed. Over 85s will see the fastest growth, while the number of younger people will barely rise.
The $3 million super tax will capture retired, and soon to retire, public servants and politicians who are members of defined benefit superannuation schemes. Lobbying efforts for exemptions to the tax are intensifying.
Recently, I compiled a list of ASX stocks that you could buy and hold forever. Here’s a follow-up list of US stocks that you could own indefinitely, including well-known names like Microsoft, as well as lesser-known gems.
We're nearing the end of the financial year and it's time for SMSFs and other super funds to make the most of the strategies available to them. Here's a 24-point checklist of the most important issues to address.