The summer bushfires have touched the lives of all Australians. For individuals who lost homes, businesses or livelihoods, the financial hardship lingers, prompting many to ask whether they can dip into their superannuation to tide them over.
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.
For most people, life insurance provides a safety net against unexpected events. This is particularly the case if you have a mortgage, debts or family who are dependent on you earning an income. In many cases, life insurance has been automatically offered through superannuation.
People often think their superannuation will be treated as part of their estate when they die and distributed according to their Will, but that’s not the case. Unless you have nominated your beneficiaries, the decision as to who receives your superannuation is in the hands of the trustees of your fund.
Tax cuts received most of the attention in the May 2018 Budget, which meant some quiet tweaks to superannuation and retirement income were drowned out in all the noise.