SuperGuide

Superannuation and retirement planning information

October 2024 SMSF newsletter

SMSF investment: 20 most popular Australian shares
SMSF investors continued their love affair with dividend-paying Australian shares in the year to June 2024, with all the usual suspects in the top 20. Read more.
SMSF investment: 20 most popular Australian shares
SMSF investors continued their love affair with dividend-paying Australian shares in the year to June 2024, with all the usual suspects in the top 20. Read more.
SMSF investment: 20 most popular international shares
While the number of SMSFs investing directly in global shares is still relatively small, the booming tech sector is attracting an increasing number of those that do. Read more.
SMSF investment: 20 most popular international shares
While the number of SMSFs investing directly in global shares is still relatively small, the booming tech sector is attracting an increasing number of those that do. Read more.
SMSF investment: 20 most popular managed funds
Despite the inroads made by ETFs in recent years, traditional managed funds remain popular with SMSFs seeking easy access to global shares and fixed interest. Read more.
SMSF investment: 20 most popular managed funds
Despite the inroads made by ETFs in recent years, traditional managed funds remain popular with SMSFs seeking easy access to global shares and fixed interest. Read more.
SMSF investment: 20 most popular ETFs
ETFs were the fastest growing asset class among SMSF investors in the year to June 2024, with a surge of inflows to international shares driven by booming tech stocks. Read more.
SMSF investment: 20 most popular ETFs
ETFs were the fastest growing asset class among SMSF investors in the year to June 2024, with a surge of inflows to international shares driven by booming tech stocks. Read more.
SMSF investment: 20 most popular LICs/LITs
They may have lost ground to newer investment products such as ETFs, but listed investment companies and trusts are still prized by many SMSF investors. Read more.
SMSF investment: 20 most popular LICs/LITs
They may have lost ground to newer investment products such as ETFs, but listed investment companies and trusts are still prized by many SMSF investors. Read more.
SMSF insights 2024: Div 296, Superstream, ETFs and more
Tim Steele, CEO of Class, talks through key insights from their 2024 Annual Benchmark report, including the potential tax liability impact of Div 296, the challenges of Superstream, how ETFs… Read more.
SMSF insights 2024: Div 296, Superstream, ETFs and more
Tim Steele, CEO of Class, talks through key insights from their 2024 Annual Benchmark report, including the potential tax liability impact of Div 296, the challenges of Superstream, how ETFs… Read more.
TBAR: Transfer balance account reporting for SMSFs
Understanding the transfer balance account rules, including timing and transaction reporting, is extremely important for SMSF trustees.. Read more.
TBAR: Transfer balance account reporting for SMSFs
Understanding the transfer balance account rules, including timing and transaction reporting, is extremely important for SMSF trustees.. Read more.
Common errors SMSF trustees make with their annual returns
If you want to stay on the right side of the ATO and avoid costly penalties, it pays to review its list of common mistakes made by SMSFs when lodging… Read more.
Common errors SMSF trustees make with their annual returns
If you want to stay on the right side of the ATO and avoid costly penalties, it pays to review its list of common mistakes made by SMSFs when lodging… Read more.
Buying property in an SMSF Q&As: Part 1
Holding real property in an SMSF is a popular strategy, but the rules can be confusing. We answer some common questions from our readers. Read more.
Buying property in an SMSF Q&As: Part 1
Holding real property in an SMSF is a popular strategy, but the rules can be confusing. We answer some common questions from our readers. Read more.

Super decisions at retirement: Income stream, lump sum, accumulation or a mix?

Friday 11 October 2024 at 12:30 pm AEDT

Retirement brings some big decisions, and it’s difficult to know what’s right for you. We cover all the options and their consequences including tax and Centrelink implications, and products that can guarantee income for life.

Q: In an SMSF, if the member dies and she left her balance to the reversionary beneficiary – her husband who gets the annual minimum pension amount from her account-based pension every year till the money runs out or her member balance amount left merged with the husband balance amount and husband takes the annual account-based minimum pension or above the minimum as per his age?

A: When a member receiving a pension dies and the pension reverts to another person (usually their spouse), the minimum payment in the financial year the death occurred is not re-calculated. Any minimum not already paid to the original account owner must be paid to the reversionary pensioner during that financial year.

On the next 1 July, the minimum must be re-calculated based on the account balance at that time and the age of the new reversionary recipient.

The account cannot be merged with other balances or transferred back into the accumulation phase due to the compulsory cashing rule for death benefits. This rule means that death benefits must be cashed as a lump sum or pension (or combination of both).

October 28

Where any transfer balance event has occurred between 1 July 2024 and 30 September 2024, you are required to report these events by lodging a transfer balance account report (TBAR) by this date.

By this date, SMSF trustees should have received all super guarantee contributions for the period 1 July 2024 to 30 September 2024 for eligible fund members. The SG rate increases on 1 July 2024 from 11% to 11.5%.

Where your SMSF is registered for GST, your BAS is now due.

October 31

You need to lodge your annual return and auditor’s report by this date if you are a first timer or were a late filer last year.

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.