Further to the announcement in the recent Federal Budget, the Government recently passed legislation and the Your Future, Your Super measures are now law.
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Superannuation is the primary method of funding retirement for many Australians and is a tax effective investment vehicle to grow your money for this purpose. Planning for retirement and making contributions during your working life will enable you to take advantage of compounding investment earnings which will ultimately boost your Super balance at retirement. It is also important to ensure your Super Fund is right for you and your investment strategy (the manner in which your Super is invested) meets your financial goals and your tolerance to risk. Following are some ways to contribute to Super before the end of the financial year.
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A recent article by Life Insurer TAL explored the payment of Life Insurance claim proceeds to a child or children under the age of 18 which highlights the significance of considering estate planning as part of designing a personal insurance program. The surviving legal guardian of the child may have the the ability to make financial decisions on behalf of the child which needs to be considered in the context of the deceased parents wishes.
From 1 July 2017, significant changes to superannuation, consequently impact insurance and succession planning strategies which may give rise to the need for reviewing of existing insurance and estate plans.