What happens to your superannuation when you die?

Do you ever wonder what happens to your superannuation when you die? In this article, we explore the way the trustees of your superannuation fund payout your superannuation to your eligible beneficiaries based on the fund’s rules, the superannuation law, and your death nomination.

For more – Superannuation and Death

Please contact us if you have any questions regarding superannuation and nominated beneficiaries or any of the issues raised by this article.

Feel free to call us on 02 9415 1511.

Retirement Income Covenant Exempts SMSFs

The Federal government recently released draft legislation on the Retirement Income Covenant, which revealed it will not apply the covenant’s measures to SMSFs. It is intended that the Retirement Income Covenant will give retirees the confidence to spend their superannuation savings while enabling choice and competition in the retirement phase of superannuation.

The draft legislation would require superannuation trustees to develop a retirement income strategy that outlines how their members will be assisted in retirement. A trustee’s strategy should consider how they will assist members in balancing their retirement income, managing risks, and having flexible access to savings. However, the Federal government has made changes to the implementation of the new legislation, excluding SMSFs from its application.

Section 1.3 of the draft legislation now states that the “covenant does not apply to trustees of self-managed superannuation funds.”

To learn more, please see the full update here – Retirement Income Covenant Exempts SMSFs

Life Stage Financial Planning

At PrimeAdvisory, we believe that financial planning isn’t just about maximizing income; it’s about making the right choices so you can achieve your goals, starting today!

Our financial plan can help you focus on the areas of your finances and lifestyle that are most important to you in your life stage.

To learn more, click here – Life Stage Financial Planning

Compulsory Director ID applications commencing November 2021

To all Directors, you may be aware, ASIC has recently announced that all Company Directors will be required to obtain a Director Identification Number as required by the Treasury Laws Amendment Act 2020.

With applications commencing November 2021, we’ve prepared a client guide to help you with FAQs including:

• What is a Director ID?
• Who is required to hold a Director ID?
• Why do you need a Director ID?
• How do Directors apply for an ID?
• When do Directors need to apply?
• When do Directors need to use the ID?
• What happens if Directors fail to comply?

Download our special client guide now – Director ID Requirements

We are here to help!
If you have any questions or would like assistance regarding the Director ID requirements please be sure to contact your advisor at PrimeAdvisory or call us on 02 9415 1511.

Unwinding COVID-19 Relief

It won’t be long before we can stop talking about COVID-19 (won’t that be nice) but for now, with the Treasurer’s announcement that Commonwealth COVID-19 financial support will start to be withdrawn from 70% full vaccination and cease at 80%, that time is not now.

Please read the full update here – Unwinding COVID-19 Relief

We are here to assist you with any queries you might have. Feel free to contact your advisor at PrimeAdvisory or call us on 02 9415 1511.