After a year when the average superannuation balance fell slightly or, at best, moved sideways, the summer holidays could be a good opportunity to think about ways to rebuild your savings while being mindful of tax.
The lure of greater control over your retirement savings with a Self Managed Superannuation Fund (SMSF) may be enticing but the freedom to chart your own destiny also comes with the responsibility to comply with the rules.
It’s often been mentioned that $1 million or more in superannuation savings is needed to live a comfortable retirement. This is a daunting figure for most of us and, unsurprisingly, has many Australians concerned about the kind of retirement lifestyle they have to look forward to.
Planning your retirement isn’t just about what you are going to do once you stop work. It’s also about planning the actual process to make the most of your accumulated wealth. This includes tax planning.
The clock is ticking for investors who want to take advantage of the more generous tax concessions available in super this financial year. As of 1 July, new rules come into effect that will reduce contribution limits.