Accessing Super
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth April 2023 Want to grab your super? Recently, the ATO announced that between 2020–2022, more than $630 million of super was illegally withdrawn by SMSF trustees, noting more funds appear to be at risk of breaching the access rules. Whilst trustees of existing SMSFs inappropriately accessed…
CC’s Cap Indexation
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth March 2023 Great news for those looking to boost their 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. Average Weekly Ordinary Times Earnings (seasonally adjusted to November…
CGT Cap Contributions
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth February 2023 Are you selling your business and looking to top-up your super? Many small business owners haven’t had the luxury to put money aside for retirement needing instead to retain earnings in the business to grow or just remain afloat. For them their business is…
Tax Notices
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth January 2023 Aftermath of tax time As the 31 October due date for lodging personal income tax returns has passed, the Australian Taxation Office (ATO) will start issuing certain superannuation tax assessments and determinations to affected taxpayers as it uses information from these returns and information…
Super ideas for managing volatility
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth November 2023 We live in turbulent times. It’s been a volatile time on the markets. The tax benefits of superannuation and the risk-mitigation and potentially cost-cutting benefits of ‘dollar cost averaging’ mean that sticking with a disciplined contributions strategy remains compelling even when investment markets are…
Super Tax Reform
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth October 2023 What you need to know about the proposed new tax on superannuation earnings Superannuation is the most tax-effective vehicle you can readily invest in. It stands head and shoulders above the next best tax structure, but this is about to change for the wealthy…
Account Based Pensions
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth September 2023 Ten things you need to know about account-based pensions If you’re retiring – or have suffered total and permanent disability – taking your super as an account-based pension could be one of the smartest things you do where you don’t need a lump sum…
Financial hardship
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth August 2023 Need your super to make ends meet? Cost-of-living pressures and financial stress could make dipping into your super tempting, especially where you have ‘control of the cheque book’ of an SMSF. If you’re thinking about pulling money out of your SMSF, don’t do it…
Planning for 2023-24
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth July 2023 Good financial planning is a year-round consideration, not just a 30 June event. With the new financial year under way, now is a good time to get your ‘financial house’ in order for 2023-24. So, what are the super opportunities this year? The pre-tax…
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