Preservation Rules – what you need to know!

Preservation Rules – what you need to know!

When accessing superannuation benefits, one of the key matters to verify is the preservation status of members’ benefits. Generally, member benefits are preserved, especially for those who aged under 65 years with their accounts are still in accumulation or...
Marriage breakdown and transfer of assets

Marriage breakdown and transfer of assets

A superannuation fund is prohibited from purchasing assets from a related party except under certain circumstances. However, section 66 (2B) (b) (i) provides an exemption which allows a trustee to acquire assets from a related party in the event of a divorce or...

Can your SMSF sell property assets to a related party?

Self-managed superannuation funds (SMSFs) over the past few years have become the retirement vehicle of choice due to the flexibility that trustees have over investments and effective low tax rates. SMSFs are also an effective tool for estate planning, as it allows...

Tax components of superannuation benefits

Understanding and maintaining tax components of a member superannuation account is important as it will determine the quantum of tax payable when benefits are paid out. Tax-free and taxable components The tax-free and taxable components can change over time and are...

Release of benefits

Your preservation age is the first pre-condition to access your super benefits. It is a common misconception that age is the only factor to access your superannuation benefits. The requirements of the SIS legislation requires that a condition of release also needs to...