Archives March 2019

Is super an issue if I go back to work?

 Q I have been retired for a couple of years, and am thinking of getting some part-time work. We have $190,000 in our pension fund and own our home.
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If I do get a job, would I be able to create another super account, put some of my earnings into it, and simply roll it over into my super account at some stage?

A You could certainly do that if you are under 75 and pass the work test, but ask your accountant to do the sums. Superannuation funds pay tax at 15 per cent a year on earnings from the first dollar – you may find that money held in your name is entirely tax-free.

Q In a recent article about pension changes, you said grandfathering rules will not apply to those who already have an allocated pension “if people change products”. Does this mean that if I currently have an allocated pension, but want to change my pension to another provider before January 1, 2015, I will lose the protection of the grandfathering rules, but will fall under the new rules applicable from January 1, 2015?

A The timing is critical, so I suggest you make any changes to your situation as early as possible. If you satisfy the following criteria immediately prior to January 1, 2015, the account-based pension will be grandfathered.You have an account-based pension.You receive a qualifying government income support payment.You continue to receive a qualifying government income support payment.

If you change income stream providers, and the new income stream is commenced prior to January 1, 2015, and the additional criteria above is satisfied, the income stream will be grandfathered. If you change income streams and the new account based pension is not begun until after January 1, 2015, it will fail to meet the above criteria and will be deemed from January 1, 2015.

Q I am 62, retired from full-time work, and withdraw the minimum 4 per cent from my self-managed super fund of $5000 a month. I spend $4000 a month and have $1000 left over. Is it possible to return this $1000 back into my SMSF, and how do I arrange this? I can’t put the $1000 into my wife’s SMSF as she would have exhausted her $540,000 in non concessional contributions this year.

A You cannot contribute to a fund in pension mode, but you could certainly open an accumulation account within your own SMSF and contribute excess funds to that account. Make sure you take advice as there are heavy penalties for getting it wrong.

Q My partner and I are in our early 40s. I have an investment property in Sydney worth $900,000, with $450,000 owing on an interest-only loan. We would like to buy a unit together for $700,000 as we currently rent and are looking at selling my house. Everyone tells me not to sell the house, but I can’t see how it is possible to keep it as well as buying a place to live in. My partner has no assets but will be able to pay half the new mortgage. Our combined annual income is $110,000. What do you think?

A I agree that you would have great difficulty in making the payments on a mortgage of $700,000 when your combined income is $110,000, but if you feel the house has good potential you could keep it and simply rent a unit. Renting is almost cheaper than owning and the property you own would ensure you had a substantial interest in the Sydney property market. Iif you sell, there will be transaction costs and a possible capital gains tax.

Q My parents and I own a rental unit, with my share being one quarter. They are thinking of selling the unit and I am considering buying out their share. I would need to take out a mortgage, but I should be able to manage the repayments with the rental income. What is the best way for us to arrange to purchase of my parents’ share of the property?

A First, liaise with your accountant because there may be some capital gains tax liability for your parents and there will be stamp duty for you. Irrespective of contract price, it will be deemed for tax purposes to have passed at current market value. Talk to a lender about the best way to structure the loan.

Q We have an investment property worth $720,000 we bought three years ago for $500,000. For the first two years we were living in this property and now have it rented out. We are now renting, have bought land and plan to start building soon. If we sell our city property and use the proceeds to help pay for our new home or another investment property, do we pay capital gains tax?

A Make sure you talk to your accountant before signing any contracts but based on the information you have given you should be within the six-year capital gains tax exemption period provided you lived in the house before you rented it out and have not claimed any other property as your principal residence since.

Noel Whittaker is the author of Making Money Made Simple and numerous other books on personal finance. His advice is general in nature. Readers should seek their own professional advice before making decisions. Email: [email protected]苏州美甲美睫培训学校.

@NoelWhittaker

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Fire crews dealing with Esperance Port blazePHOTOS

Fire crews dealing with Esperance Port blaze | PHOTOS Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.
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Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

Emergency: Fire crews were called to the Esperance Port Authority regarding a fire tonight. Photos: Jake Meadley.

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Brown Hill ups the speed of cricket a notch

BIG BASH: Ten10 organiser Phil Knowles with Nathan Cavanagh and Rob McMaster, from major sponsor GJ Gardner Homes and Ash McDonald, who will be part of the Bungaree Football Club side looking to defend its title this season. PICTURE: JUSTIN WHITELOCKTHOUGHT Twenty20 was fast? Brown Hill Cricket Cub’s Ten10 tournament ups the ante.
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Designed for sporting clubs around the region that want to try their hand at cricket, the 10-overs-per-side competition gets under way this Sunday with the opening day of pool A matches.

Inaugural defending champion Bungaree Football Club will kick off its campaign this weekend against East Point FC, Beaufort FC and Alfredton Baseball Club.

However, there are still spots available for pool B, which begins on Sunday, February 1.

Following round-robin matches, the top two teams in each pool and the one highest third-placed side progress to the finals day, on Sunday, February 15.

All matches are played at Brown Hill.

GJ Gardner Homes is this year on board as a major sponsor of the carnival, which holds a cash prize of $2000 to the winner and $500 to the runner-up.

Entry is $300 and can be made by calling organiser Jason Knowles on 0478 152 812.

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New team for Kenmac Shield

BALLARAT Cricket Association’s district ranks will take charge of a new representative team, created for the Kenmac Shield.
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The BCA has this year entered a team in the division two tier of the competition – formerly known as the Abraham’s Cup – which will be made up of players from the district competition.

Ballarat will take on teams from the Grampians, Pyrenees and Grenville associations.

Dunnstown’s Jaye Cahir will captain the side, which will meet Grenville in its first match this Sunday at Buninyong.

Ballarat’s team in the division one Kenmac Shield kicks off its title defence with a clash against Castlemaine and District on December 14.

BCA team v Grenville, Sunday at Buninyong: Jaye Cahir (Dunnstown), Reece Isbister (VRI), Mick Nolan (Ballan), Jake Pring (Lucas), Ben Collins (Dunnstown), Michael Snaith (Ballan), Zac Graham (Ballan), Daniel Kitchen (Buninyong), Dean Matthews (Burrumbeet), Jeromy Johnson (VRI), Aaron Wilson (Burrumbeet), Paul Phillips (Dunnstown), team manager Michael Flynn (Buninyong).

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Greatest champs in call

THE greatest ever Ballarat Pacing Cup champion will be crowned during a phantom call by the voice of the sport Dan Mielicki next month.
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A panel of experts has been assembled to select a field of 12 starters, made up of winners of the Ballarat and District Trotting Club’s flagship event during its 44 runnings.

The Courier’s sports editor David Brehaut, Harness Racing Victoria form analyst Jason Bonnington, Melton FM’s Len Baker, retired harness racing media commentator and bookie Bill Hutchison, former Collingwood footballer and Radio Sport National presenter Mick McGuane, TAB Sportsbet’s Adam Hamilton and New Zealand racing

journalist Michael Guerin form the seven-person panel.

Each will compile their own list of runners and rank them from 1-12. The final field will be determined using these ranking points.

Connections of the phantom race’s winner will be presented with another Ballarat Pacing Cup as a memento.

Mielicki will perform the call at the club’s traditional barrier draw breakfast on December 9.

Members of the public also have the chance to win a $1000 bet on this year’s Ballarat Pacing Cup via an online competition.

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