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Excess super contributions

By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth October 2021 Have you received an excess superannuation contribution determination from the Australian Taxation Office (ATO) and wondered why – when you thought you’d contributed the right amount? Apart from the obvious of just putting too much into super, you can easily trip up the contribution…

Superannuation proceeds trusts

By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth September 2021 If you have been to a lawyer—when doing your estate plan—to prepare a will, which may include a testamentary trust or two, an enduring power of attorney etc., odds on you’ve been advised to have your super directed to your estate via your legal…

Optimal ways to use the Transfer Balance Cap after a death

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…

A Super Opportunity When You Sell Your Business

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…

Is your super sorted for 2021-22?

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?…

The end of financial year – time is running out!

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.

How long will my retirement savings last?

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.

What indexation means to inheritance

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.

Tax time this year is different with super

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…

CCs Cap Indexation

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…

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