thanks for sharing this information. Does it mean if I purchase life insurance outside of Super, it will be less consideration in tax and no tax for any nominated beneficiary (e.g., spouse, or child at any age). Also, is spouse who has income still considered as dependent?
Great information. I have a question though. I have my Super with a prominent Industry Superfund and have been making Non Concessional contributions for a number of years. Looking at my on-line account i can see the make up of my fund value in Taxable and Tax Free terms. The Tax Free value is exactly the same each year as the Non Concessional monies I have invested in total. Meaning that the Superfund does not allocate any income earned by Non Concessional to Tax free monies and conversely, by definition, must show all income against Taxable monies. Am I correct? If I am correct why are Tax Free money income put into a Taxable situation, which prima face seems wrong? thanks
Hi Glenn, earnings form part of the taxable component of your super fund regardless of whether they are generated from the taxable or tax-free components. If you think about it, this makes sense because all earnings are always taxed by the fund at the super rate of 15%...
Not necessarily. Some super funds give you a default level of cover when you open an account. Best to determine your level of cover based on your needs
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Excellent information just what i was looking for
Glad it helped 👍
Nice breakdown mate, never even heard about this before tbh
Thanks mate 👍
very informative
Can you and what are the implications of nominating 2 legal personal representative as beneficiaries ie. 50% each parent?
Well explained. What happens if you nominate your spouse but they pass away at the same time as you? What happens in this case?
Well presented and very relevant for retirement planning.
Thank you 🙏
Very helpful, thank you.
My pleasure 😊
thanks for sharing this information. Does it mean if I purchase life insurance outside of Super, it will be less consideration in tax and no tax for any nominated beneficiary (e.g., spouse, or child at any age). Also, is spouse who has income still considered as dependent?
Great information. I have a question though. I have my Super with a prominent Industry Superfund and have been making Non Concessional contributions for a number of years. Looking at my on-line account i can see the make up of my fund value in Taxable and Tax Free terms. The Tax Free value is exactly the same each year as the Non Concessional monies I have invested in total. Meaning that the Superfund does not allocate any income earned by Non Concessional to Tax free monies and conversely, by definition, must show all income against Taxable monies. Am I correct? If I am correct why are Tax Free money income put into a Taxable situation, which prima face seems wrong? thanks
Hi Glenn, earnings form part of the taxable component of your super fund regardless of whether they are generated from the taxable or tax-free components. If you think about it, this makes sense because all earnings are always taxed by the fund at the super rate of 15%...
Hi wondering about superannuation and life insurance, if you are automatically covered .
Not necessarily. Some super funds give you a default level of cover when you open an account. Best to determine your level of cover based on your needs
How much time will take to have the benefits if everything is okay? Please i am waiting for your answer 🙏
How can i know if my dad have this claim my dad have died in the Philippines
With the current economic state, we should be able to use out superannuation to purchase property and vacant land, there's no better investment atm!!
My late husband dued in 2019.His super funds arent claimed yet.How can I claim his superfund with my 3 sons.thankyou.
superannuation fund.