Good introduction:
https://www.youtube.com/channel/UCs1ARI2y18hrjNYVqjtJ-pQ/videos
http://www.superguy.com.au/
http://www.superguy.com.au/wp-content/uploads/2019/08/SuperGuy-SuperTips-2019-20.pdf
Contribution caps:
https://www.ato.gov.au/super/self-managed-super-funds/contributions-and-rollovers/contribution-caps/
- Concessional contributions cap is $25,000 for all individuals regardless of age.
- Non-concessional contributions for members under 65 with total superannuation balance of less than $1.4 million has $300,000 cap (over three years), over 65 $100,000 cap
https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/super-and-retirement-calculators
Retirement calculator (considers super and age pension):
https://www.commbank.com.au/digital/calculators/retirement#/start
https://firststatesuper.com.au/member/super/how-much/super-projection
https://www.canstar.com.au/calculators/superannuation-retirement-calculator/
Preservation age before you can access your super is based on date of birth:
https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?page=11
Minimum annual pension payments:
https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?page=10
https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?page=11
- Before 1 July 1960: 55
- 1 July 1960 – 30 June 1961: 56
- 1 July 1961 – 30 June 1962: 57
- 1 July 1962 – 30 June 1963: 58
- 1 July 1963 – 30 June 1964: 59
- From 1 July 1964: 60
Minimum annual pension payments:
https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?page=10
- Under 65: 4%
- 65–74: 5%
- 75–79: 6%
- 80–84: 7%
- 85–89: 9%
- 90–94: 11%
- 95 or more:14%
https://www.humanservices.gov.au/individuals/services/centrelink/age-pension/how-much-you-can-get
Full Age Pension:
- Single: $933.40 per fortnight (approximately $24,268 per year)
- Couple (each): $703.50 per fortnight (approximately $18,291 per year)
- Couple (combined): $1,407.00 per fortnight (approximately $36,582 per year)
http://www.yourpension.com.au/APCalc/#CalcForm
- Single would receive a full Age Pension if their fortnightly income from other sources was $174 or less. For each dollar of income over $174, their fortnightly Age Pension payment would be reduced by 50 cents in the dollar.
- Couple living together would receive a full Age Pension if their fortnightly income from other sources was $308 or less. For each dollar of income over $308, their fortnightly Age Pension payment would be reduced by 50 cents in the dollar.
- Single homeowners full pension assets must be less than $263,250, disqualifying limit $572,000
- Single non-homeowners full pension assets must be less than $473,750, disqualifying limit $782,500
- Couple homeowners full pension assets must be less than $394,500, disqualifying limit $860,000
- Couple non-homeowners full pension assets must be less than $605,000, disqualifying limit $1,070,500
https://www.australiansuper.com/tools-and-advice/calculators
Property:
Much more active management and lucky to get 4-5% net return after considering rates, water, maintenance, management fee, insurance, land tax, body corporate
The question is whether shares or property (in SMSF) will have better returns long term?
History:
https://www.dva.gov.au/factsheet-is92-giving-away-income-or-assets
Gifts that have been made during the five years prior to claiming pension or payment may be counted in your pension or payment assessment.
During age pension can gift:
https://www.humanservices.gov.au/individuals/topics/gifting/27276
https://www.smh.com.au/money/how-to-give-property-to-your-kids-and-keep-the-age-pension-20151118-gl1ypg.html
Superannuation Death Benefit Tax:
- $10,000 in 1 financial year
- $30,000 in 5 financial years - this can’t include more than $10,000 in any year.
https://www.smh.com.au/money/how-to-give-property-to-your-kids-and-keep-the-age-pension-20151118-gl1ypg.html
Superannuation Death Benefit Tax:
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