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New Year

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…

How to give retirees the confidence to spend

By Andrew Boal, on behalf of Firstlinks December 2020 Australia has one of the best retirement systems in the world for accumulating savings. Yet, like many other countries, we continue to struggle with how to design an efficient retirement spending system. To some extent, this can be attributed to the absence of a clear purpose as to…

Pension Drawdown

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth December 2020 Anyone who has an account-based pension knows they must take a minimum payment each year. Of course, those requiring more income can take it, however, there are people who do not need this payment because they have other sources of income to live on,…

11 key findings on retirement dreams during the pandemic

By Matt Rady, on behalf of Firstlinks November 2020 COVID-19 is taking a harsh toll on the economic wellbeing of many retirees with research showing it has shaken their confidence in the quality of their retirement and how long their money will last. Notwithstanding the recovery in many share prices over recent months, returns on cash and…

Accessing Super

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth November 2020 Superannuation is the most tax effective savings vehicle you can invest in. It is head and shoulders above the next best investment structure, like a discretionary family trust and/or investment bond. In the pre-retirement accumulation phase, earnings and capital gains are taxed at a…

Every SMSF trustee should have an Enduring Power of Attorney

  By Karen Dezdjek on behalf of Firstlinks October 2020 If you’re an SMSF trustee, there are several vital things to consider when it comes to your estate and succession planning. COVID-19 shows need to prepare Your will enables assets to be distributed in accordance with your wishes when you die, and a binding death…

Why contribute to super

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth October 2020 More than $32 billion has been withdrawn from the superannuation system by people adversely financially affected by COVID-19. Whilst most people who accessed their super desperately needed it to make ends meet in these hard times, many people took the opportunity to access their…

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…

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