By Noel Whittaker, on behalf of Firstlinks August 2021 In 2016, the Turnbull government made major changes to superannuation, which took effect from 1 July 2017. Their aim was to restrict how much you could place in the low tax superannuation environment. The changes included reducing the amount that can be held by retirees in the…
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth August 2021 Planning on selling your business? Many small business owners do not have much in the way of super when the time comes to retire. For whatever reason—lack of cashflow, the need to retain earnings in the business to grow it, or even keep it…
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth July 2021 With the new financial year under way, now is a good time to ensure your ’financial house’ is sorted for 2021-22. Good financial planning is a year-round consideration, not just a 30 June event. So, what are the super opportunities and considerations this year?…
If you are thinking about making a last-minute superannuation contribution to give you a bigger deduction and tax saving this financial year, then you’d better snap to it as time is running out.
The Retirement Income Review (RIR) noted that many retirees leave large bequests and they would have enjoyed a higher standard of living in retirement if only they had spent some of their capital, not just the income from their investments.
From 1 July, change to the superannuation system and contribution caps may give you the opportunity to get more into super and keep more in it.
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth May 2021 Superannuation and tax planning in the lead-up to 30 June is unique this year in that you could be better off delaying until the new financial year certain strategies you would normally implement now. From 1 July, the general transfer balance cap (TBC), the…
By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth March 2021 The good news keeps coming for super. From 1 July this year, you may be able to boost your superannuation savings and have more for retirement because the contribution caps are going up. A month ago, we learnt that the general transfer balance cap…
By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth February 2021 From 1 July this year, the general transfer balance cap (TBC)—the limit on the amount that can be transferred into superannuation’s tax-free retirement phase—will be indexed to $1.7 million (up from $1.6 million). The general TBC is indexed to the consumer price index (CPI)…
By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth January 2021 The festive break is an ideal time to kick back with family and friends. It’s also a good time to take stock of where you’re at financially and to plan for the new year. When it comes to the constantly changing superannuation environment, the…
