SuperGuide

Superannuation and retirement planning information

July 2024 Retiree newsletter

How retirees are using home equity to boost income
Cost of living pressures are expected to fuel growth in reverse mortgages as retirees look for ways to top up their income. Read more.
How retirees are using home equity to boost income
Cost of living pressures are expected to fuel growth in reverse mortgages as retirees look for ways to top up their income. Read more.
How does your super affect the Age Pension?
The amount of Age Pension you are eligible to receive in retirement is means tested, with super among the assets included. This is how it’s assessed. Read more.
How does your super affect the Age Pension?
The amount of Age Pension you are eligible to receive in retirement is means tested, with super among the assets included. This is how it’s assessed. Read more.
Quiz: Age Pension rules
Take our 10-question quiz to test your knowledge on the Age Pension rules. Read more.
Quiz: Age Pension rules
Take our 10-question quiz to test your knowledge on the Age Pension rules. Read more.
Smashing senior stereotypes
As people live longer, mature age is being redefined. Far from viewing retirement as the final curtain call, a growing number of retirees see the milestone as the start of something new. It’s a chance to explore the world, pursue an adventure, learn new skills, graduate from university and celebrate the best of a whole new life stage. Read more.
Smashing senior stereotypes
As people live longer, mature age is being redefined. Far from viewing retirement as the final curtain call, a growing number of retirees see the milestone as the start of something new. It’s a chance to explore the world, pursue an adventure, learn new skills, graduate from university and celebrate the best of a whole new life stage. Read more.

Buying property in an SMSF

Thursday 25 August 2024 at 11:00 am AEST

From the compliance requirements to the strategic opportunities, this webinar will also include an attendee Q&A Session.

Q: I commenced a pension in 2017 and my transfer balance cap at $1.6m was almost reached. My understanding is if the transfer balance cap is reached, I cannot make any further contributions again. If I now commute say $600,000, will I be able to make non-concessional contributions again? I am under 75 years old.

A. Non-concessional contributions can be made in the current financial year by any person whose total super balance was below $1.9 million on 30 June 2024. This limit on the total super balance is the same as the general transfer balance cap for 2024-25.

Your own personal transfer balance cap is not important for deciding whether you can make non-concessional contributions – it only determines how much space you have available under your cap to start additional pensions.

You can view your total super balance from 30 June 2024 via MyGov. If is is below $1.9 million, then you are permitted to make non-concessional contributions this financial year.

If your total super balance is too high, making a commutation from your pension account will reduce the balance assessed for you on 30 June 2025 which may permit you to make non-concessional contributions next financial year (2025-26).

Will your super be left to adult children if you pass away? It could be time to think about how a re-contribution and dual pension strategy could help reduce their tax liability.

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.

Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629.