When a relationship ends—whether it’s a marriage or a de facto partnership—there’s a lot to work through emotionally, practically, and financially. Among the assets that need to be considered is superannuation. While it’s often thought of as a “retirement-only” fund, super is treated as property under family law and can be divided when couples separate.…
Deeming rates are the rates of return the government assumes your financial assets are earning, regardless of the actual interest or investment returns you receive. Instead of looking at your bank statement or super fund’s performance, Centrelink uses these rates to “deem” the income from your assets. For example, even if your savings account is…
Retirement doesn’t automatically mean freedom from tax obligations. While some retirees may no longer need to lodge a tax return, many still do – depending on their income sources. Let’s take a look at a breakdown of the rules around tax returns in retirement and what to watch for. Do You Have to Lodge a…
When you hold a superannuation or retirement savings plan overseas—a foreign super fund—and you’re planning to transfer it into an Australian superannuation fund, there are important tax and procedural considerations to keep in mind. Here’s a clear breakdown to help you navigate the process. 1. Treated as a Member Contribution Any amount you transfer from…
