Super strategies for your SMSF
Wednesday 24 January 2024 at 11:00 am AEDT
Are you making the most of having an SMSF? In this webinar we will cover strategies only available to SMSFs, including access to certain investments, effective tax and estate planning, as well as the benefits of investing as a couple or family.
Q. My SMSF is in both pension phase and accumulation phase. I have retired from regular employment, am of pension age and receive a part pension. I did a small amount of part-time work in the 2022-23 tax year and this tax year.
I would expect my SMSF to be entirely in pension phase, is this correct?
A: Whether all of your SMSF is in pension phase is entirely up to you and the actions you choose.
To place the funds you currently have in accumulation into pension phase, you would need to use that money to start a new (second) pension.
Alternatively, you could close your existing pension, combine the funds, and use the total to commence a new pension.
Without action from you, the funds currently in accumulation phase will remain there.
When you do paid work, your employer must make contributions for you. Those contributions must be paid into an accumulation account as further contributions cannot be made to a pension once it has commenced.
Starting and stopping pensions can impact your Centrelink entitlements, depending on your circumstances.
You can learn more in the article below. We also suggest you seek qualified advice about your situation.
How can I top up my super pension?
If you’re considering living with family in your later years, understanding the surrounding rules is critical. Good planning can minimise family disagreements and undesirable financial consequences.
Read more about granny flats.
Introducing a new benefit of your SuperGuide membership, where we arrange discounts to complementary services provided by carefully selected partners.
Jubilacion uses expert financial modelling to answer the big questions on the minds of people thinking about their retirement, such as how much money you need to retire.
SuperGuide members receive a 20% discount
Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.
