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Employee contributions

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth August 2020 If you’re an employee wishing to make tax-effective contributions to super, consider the most appropriate way to do this, especially in the current economic environment. For most employees, superannuation savings come mainly via the 9.5 per cent compulsory Superannuation Guarantee (SG) contributions employers…

SMSFs during COVID-19 and your 14 point checklist

By Nicholas Ali, on behalf of Firstlinks September 2020 Every SMSF trustee should take the time to review the fund’s status as an assessment of its compliance as well as its overall health. The annual audit is like a medical check-up of your fund, especially given the unique challenges COVID-19 brings. To make life a little easier,…

Excess contributions

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth August 2020 What happens if you exceed the contributions limits? Richard – in his fifties – wished to maximise his retirement savings. Knowing there are limits on how much can be put into superannuation, Richard was diligent with the amounts he contributed. Richard salary sacrificed…

Death benefit nominations

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth July 2020 It’s important to have an estate plan to ensure that in the event of death – as morbid as it sounds – your estate assets and interests go to the right person(s) in a timely manner. You should also review it every five…

Planning for 2020-21 – never too early to start!

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth June 2020 With the end of the financial year upon us, now is a good time to get your ‘financial house’ sorted for 2020-21. Good financial planning is a year-round consideration, not just a June 30 event! So, what’s in store? What are the super…

Retiree spending patterns differ from most expectations

By Wade Matterson, on behalf of Firstlinks May 2020 The financial services industry may have underestimated the dramatic fall-off in retiree spending as retirees age, according to our analysis of real-world expenditure data. This is potentially a positive message for retirees and their advisers dealing with the Covid-19 crisis. How retirement spending falls The median…

How much can I contribute?

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth May 2020 How much can I contribute before June 30? Leading up to June 30, many people wish to know how much they can contribute to superannuation to reduce tax and/or to bolster their retirement nest egg. Should be simple … right? Concessional (pre-tax) contributions…

Preservation Components in a Market Downturn

  By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth April 2020 Non-preserved superannuation benefits may be impacted by the downturn in markets. With the outbreak of the Coronavirus, the amount I have in superannuation has dropped significantly with the dramatic downturn in share markets around the world. Obviously, I’m not alone. Apart from…

Super ideas for managing volatility

  By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth March 2020 It’s been a wild ride on global share markets in the last few weeks after some significant falls. We’re living in turbulent times again, and when investment markets are volatile, logic can go out the window. For many Australians, superannuation is their…
Upcoming contribution changes

Upcoming Contribution Changes

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth February 2020 People with a reasonable sum of money to invest in super who are turning age 65 from now to 30 June 2020 may find themselves in a predicament. Take Dilhan who turns 65 on April 1 this year.  He is retired and has not…

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