Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
Australia’s Age Pension System is one of the best in the world.
Australia has one of the most generous and well-constructed age pension systems in the world. Recent research from actuarial firm ‘Millman’ highlighted even wealthier retirees can benefit in times of volatile investment markets. This is because where a retiree’s wealth is linked to financial markets (as in the case of most superannuation income streams) any fall in asset values resulting from a market correction may result in eligibility to the Age Pension or an increase in entitlements. In particular where asset values fall below the Age Pension cut off limits, part entitlement to an Age Pension can supplement self-funded retirement income steams and extend the longevity of retirement savings.
The current cut of limits are as follows:
- Single homeowners $588,250
- Couple Homeowners $884,000
- Single Non-Homeowners $804,750
- Couple Non-Homeowners $1,100,500
“It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price” – Warren Buffet.
