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Superannuation Advice

At Chris Humphrey Private Wealth Management we specialise in Superannuation advice in the Brisbane area and beyond.  Superannuation continues to have a significant role in financial planning despite constant government changes.

Some common questions about superannuation advice asked by potential and existing clients include:

"What is Superannuation?"

"What are the rules for Superannuation?"

"What recent changes have been made to Superannuation?"

"How do I compare Super funds?"

"Can you find my lost Superannuation?"

"Can I salary Sacrifice into Superannuation?"

Our Superannuation Advice

Our superannuation advice covers:

  • Ascertaining the appropriateness of additional superannuation contributions
  • Superannuation strategies including retirement planning and maximising death benefit payments
  • Superannuation investment rules including borrowing for property in superannuation
  • Self Managed Superannuation Funds (SMSF).

Superannuation Positives & Negatives

Superannuation is an investment vehicle and not an investment per se.  Individual circumstances factor greatly in decisions regarding superannuation and for that reason, we examine the positives and negatives in detail before tailoring a solution for you.

Superannuation positives

  • Contributions are taxed at 15%.
  • Superannuation earnings are taxed at 15%.
  • Superannuation earnings from superannuation pensions are exempt from tax - Superannuation Pensions include Account based Pensions, Transition to Retirement pensions, Market Linked pensions & Lifetime Complying Pensions.
  • Life and Total and Permanent Disablement Insurance are tax deductible in superannuation.
  • Government schemes and tax offsets provide excellent contribution incentives.
  • Superannuation is a superb vehicle for retirement funds.

Superannuaton negatives

  • Superannuation is a poor estate planning vehicle.
  • Limited ability to use equity within your superannuation for wealth creation i.e. gearing.
  • Superannuation is preserved until you satisfy a condition of release, which is generally no earlier than age 55 and no later than age 65.
  • Always subject to legislative changes.

Self Managed Superannuation Funds (SMSF)

Positives

  • Complete transparency of transactions
  • Wide range of investment options
  • Borrowing for shares and property is possible
  • Complete control.

Negatives

  • Generally cannot pay anti-detriment payments
  • Set up costs
  • Relatively high running costs where there are minimal member balances
  • Additional time required to administer.

Superannuation Strategies

Superannuation strategies need to be tailored to ensure you are paying minimal tax, creating maximum wealth and ensuring you take full advantage of the possibilities for your family upon your death.

One of these strategies may apply to you if:

  • You are between 55 and 65 years of age, working and not on a Transition to Retirement Pension;
  • You want to borrow money in your superannuation fund;
  • You have excess savings and you are not salary sacrificing into Superannuation;
  • You are between 60 and 65 years of age and have recently changed jobs, or are about to;
  • Your spouse is older than you and aged 50 or greater;
  • Your superannuation fund allows a refund of contribution tax in the event of your death (for more information see Anti-detriment);
  • You are aged 51 to 55 and are not utilising a pre-retirement strategy; or
  • You are receiving an Account Based Pension and are over 60 years of age but younger than 75 and you are not drawing additional pension and re-contributing it back into your superannuation each year (this strategy can save your family $22,500 per year on your death).

For more information visit our dedicated superannuation website www.humphreysuper.com.au.

Chris Humphrey Private Wealth Management is independently owned and conveniently located on the outskirts of Brisbane's CBD.

"Chris and his team have helped tremendously in organising my income protection insurance and ensuring my cover is held in the most tax effective manner. The process was very straight forward and all insurance options were explained clearly so I was able to make an informed decision on what cover I wanted. "

Adam Brady