Superannuation

By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth June 2023 Making a deductible superannuation contribution is a great way to reduce your tax bill whilst boosting your retirement savings. So, if you’re wanting to make a last-minute contribution to get a bigger deduction and tax saving, then you’d better snap to it as 30…

In recent years, Federal Budgets have been getting progressively leaner in terms of announcements of measures impacting personal financial planning. Unfortunately, this Budget is no different – in fact, this one takes the cake for being the leanest yet! Full report by Colin Lewis Head of Strategic Advice, Fitzpatricks Private Wealth.

By now you may be aware the general transfer balance cap (TBC) is increasing on 1 July by a whopping $200,000 from $1.7 million to $1.9 million due to inflation running so high. The TBC limits the amount you can move into the tax-free retirement phase, and it extends to death benefit income streams (DBIS).

By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth March 2023 Ensure you get it right when making a ‘downsizer contribution’. If you sell your home and are aged 55 or more, you can make a ‘downsizer contribution’ to super provided you meet the eligibility criteria. Prior to 1 January, you needed to have been…

By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth February 2023 New Year? It’s already the end of February and before you know it, it will be June and tax time again. So, if you have time, it may be worthwhile to take stock of where you’re at financially and to make sure you’re on…

By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth January 2023 A problem with personal deductible contributions Making a personal deductible superannuation contribution shouldn’t be difficult, right? Well, many people are discovering this is not necessarily the case. Take Chris who made a personal deductible contribution in June 2022 wishing to reduce his tax bill.…

By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth December 2022 If you have an SMSF and are going overseas you may need to act If you’re heading overseas to live and have a self-managed superannuation fund (SMSF), you may need to do something for your fund to maintain its complying status – which your…

By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth October 2022 What with a new Government facing hard choices having inherited significant budgetary challenges in an environment of global and domestic economic uncertainty, it’s not surprising there was keen interest in this Budget. While at first glance Tuesday’s Budget seemed low-key, there are a number…

By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth November 2022 What happens to my SMSF when I die or lost legal capacity? So you have an SMSF, but are you prepared for one of the most significant events that may occur while running it – the fund’s succession? Generally, people don’t think twice about…