SuperGuide

Superannuation and retirement planning information

Articles by Garth McNally

Garth has worked in the Australian Superannuation industry for over 20 years with a specific focus on self-managed super funds. He provides ongoing support and training to individuals as well as to professionals working in the superannuation area, including advisers, accountants and lawyers. He is a regular contributor to industry publications and to the leading professional bodies including Chartered Accountants Australia & New Zealand (CA ANZ).

Does my SMSF need to register for GST?

Most SMSFs don’t need to worry about GST, but it’s important to understand the rules in case your fund does need to register.

What are the SMSF residency requirements?

Proposed legislation will relax the residency rules for SMSF members, but until then it pays to understand the current rules before heading overseas for an extended stay.

Webinar: Super strategies for your SMSF

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&A: Transfer balance account, minimum pension requirements and the 1 June rule

Q: If I start a Pension in my SMSF after 1 July 2023 with a Transfer Balance Cap (TBC) at $1.9 million and Transfer Balance Account (TBA) at $1.9 million (but do not take a Pension payment until after 1 June 2024,) does it means that I do not have to use any of my 4% minimum pension drawdown for the 2023-24 year? If that is the case, does my total balance account increases by the earnings allocated to my Pension Account as at 1 July 2024? If the above is correct, how does this affect my tax-free status of earning in Pension Account for the 2023-24 year? I am assuming the tax free status remains in place?

Webinar: Navigating the aged care system

The aged care system is notoriously complex. This webinar will outline the aged care landscape including how to access help in the home or get into residential aged care and the costs involved.

Q&A: Does the previous year’s balance affect the minimum pension amount?

Q: My wife and I are both over 70 and are the only members of our SMSF. On 30 June, my wife had a nil balance in our SMSF but will make a $300,000 non-concessional contribution in July and commence an account-based pension at the 5% rate. Does her nil balance in the previous financial year predetermine the amount of pension she is permitted to take, from an ATO perspective?

Q&A: When I retire, can I transfer the cash assets to my share of the SMSF?

Q: I am about to retire but my partner is still working. There is one property, some shares and cash in the SMSF. My partner and I have 50% share each. Moving to retirement, can I transfer all cash to my share of the fund into retirement phase? The value of cash is 25% of total fund.