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]南京夜网.

@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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Fat Al bound for Ballarat Cup

Peter Moody – trainer of Fat AlEPSOM Handicap winner Fat Al is bound for the Ballarat Cup, 2200m.
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The Peter Moody-trained galloper is being aimed towards the $200,000 race following his midfield finish in Saturday’s 1800m listed event at Flemington.

Formerly trained by Gai Waterhouse – when he won the group 1 Epsom, 1600m, in 2012 – Fat Al joined the Moody barn last year.

The horse claimed his only victory for Moody in this year’s Golden Mile, 1600m, at Bendigo in March.

Meanwhile, the training partnership of David Hayes and Tom Dabernig will bring former overseas stayer Motivado to Ballarat for the race on November 22.

The seven-year-old is coming off a distant last in a 2000m event at Flemington on Saturday, where a post-race veterinary examination revealed a degree of mucous in the horse’s system.

Lindsay Park racing manager Jason Timperley told The Courier the stable would use the Ballarat Cup en route to the Bagot Handicap, 2800m, at Flemington on New Year’s Day.

Stawell trainer Paul Jones has also confirmed to racing南京夜网 that Mujadale is targeting the Ballarat Cup.

The Stawell galloper claimed the Ararat Gold Cup, 2000m, on Sunday when partnered by Ballarat-based jockey Kevin Forrester.

Ballarat trainers Darren Weir (At First Sight and Hurdy Gurdy Man) and Dan O’Sullivan (Tuscan Fire) are also planning to secure their hometown cup, while Waterhouse is hoping Excess Knowledge can defend her title she won last yearwith The Offer.

This year’s Ballarat Cup will be a standalone Saturday meeting for the first time in its history, where it is part of a 10-race card boasting $1 million in prizemoney.

The raceday will also feature the $200,000 Magic Millions Clockwise Classic, 1000m, where two-year-old horses race the NSW and Queensland way-of-going.

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Ironman 70.3: Kylie takes up the challenge

Ready: Kylie Slade is facing many challenges to compete in the Ballarat Ironman 70.3 event. PICTURE: LACHLAN BENCECHRONIC fatigue and a badly broken finger – nothing will stop Kylie Slade from competing in the Ironman 70.3 Ballarat on Sunday.
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Despite admitting she is far from the strongest swimmer, not made any easier with a protective finger cast attached, the 41-year-old will put her body to the ultimate test.

However, she is the first to admit her preparation has been far from ideal.

Slade, a karate black belt, fell victim to chronic fatigue about two years ago after contracting a rare virus while working as an electrician on a farm in Meredith.

Since then, she has been unable to shake the debilitating condition, but still manages to run her own electrician business and fit in hours of training each week.

But a 1.9km swim is far beyond anything she has done before.

The mother-of-one has completed triathlons in the past, but has never swum more than 300 metres.

“My first goal is just to get out of the water, the other two legs will happen pretty easily after that,” she said.

“I’m not a very good swimmer so I’m actually really scared about that.”

Swimming three mornings a week, running twice a week and squeezing in a three-hour ride on a weekend, Slade admits it can be trying to continue training while facing constant muscle soreness and constant fatigue.

“Once I got signed up by my husband (Brad, who is also competing), I knew I had to do it,” she said.

“Every day is a battle, I just work on how I feel and see how I go day by day.”

Having grown up in Ballarat, Slade said it would be an amazing experience to compete in her home town.

And to add a bit of spice, there is quite the rivalry between her and Brad.

“When we competed in Yarrawonga a few weeks ago I had a shocking leg but after that he just beat me on the bike and we were pretty similar on the run,” she said.

“To have an event like this in your own town will be great.

“It doesn’t happen very often so I have to make the most of it.”

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Labor walks away from RET negotiations

Renewables: Labor has walked away from RET negotiations with the Abbott government. Photo: Graham TidyLabor has quit its negotiations with the Abbott government about Australia’s renewable energy target saying there is “no prospect of reaching an agreement”.
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In an escalation of the high stakes clash over Australia’s energy future, the opposition’s environment spokesman, Mark Butler, has written to Industry Minister Ian Macfarlane to end discussions that were aimed at restoring bipartisan support for the renewable energy policy.

In a letter to Mr Macfarlane on Tuesday, Mr Butler said that the government’s plan to dramatically scale back the target had not budged throughout weeks of negotiations.

He said Labor would not “stand by and watch” billions of dollars in investment in Australia’s renewable energy sector head overseas because of deep cuts to the target.

Mr Butler wrote that while Labor was committed to restoring bipartisan consensus, it “will not support certainty if that means certainty of destroying the renewable energy sector”.

“Considering the Government’s fundamental position remains a 40 per cent cut to the RET, I do not see there being any value in continuing discussions at this point in time,” the letter says.

The parties had been in talks since Mr Macfarlane confirmed three weeks ago the government wanted to wind back the target to a so-called “real 20 per cent”.

That would be done by reducing the agreed green energy target of 41,000 gigawatt hours of baseline power by 2020 to about 26,000 gigawatt hours.

It is understood Labor had been seeking to negotiate an agreement that would set the target in the mid-to-high thirties as a compromise to try to restore investment certainty for the clean energy industry.

The $20 billion alternative energy sector has been plunged into uncertainty since the government launched a review of the target, headed by businessman and climate sceptic Dick Warburton.

Mr Butler acknowledged on Tuesday that walking away from negotiations would not return certainty to an industry that was relying on bipartisan support for Australia’s target to attract continued investment.

But he said the gap between the government and Labor on clean energy policy was simply too great for the parties to reach agreement.

“Labor held a number of talks with Abbott government ministers to explore any options we could find to get this policy back on the rails and restore investor confidence,” Mr Butler told Fairfax Media.

“But it is clear from the discussions that the Abbott government remains committed to making deep cuts to the renewable energy target that will be enormously damaging to the industry.

“On that basis Labor has reached the view that there’s no value in continuing these discussions because there is no prospect of reaching an agreement.”

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Long running police bugging scandal to become the subject of NSW parliamentary inquiry

The police bugging scandal that has plagued top levels of the NSW force for more than a decade will be examined by a NSW parliamentary inquiry with concerns the Ombudsman has taken too long to finalise his investigation.
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The state government tasked the Ombudsman in October 2012 with inquiring into allegations surrounding illegal bugging by the NSW Police’s Special Crime and Internal Affairs and the NSW Crime Commission between 1999 and 2001 and the investigation that followed into it.

But after more than two years, the $3 million inquiry, dubbed Operation Prospect and held behind closed doors, has released no specific details.

Now, The Shooters and Fishers Party, with the support of Labor and The Greens, will establish an inquiry that will examine the bugging allegations, the subsequent police investigation into those allegations and the Ombudsman’s inquiry. It will report by February 2015.

Shadow attorney-general Paul Lynch said Labor was in support of the inquiry because the original matters involving allegations of police bugging “were extremely serious”.

“It’s taken way too long to get to this stage,” he said. “These things will undoubtedly benefit from ventilation in public”.

The Greens justice spokesman David Shoebridge said the inquiry would remove the secrecy behind the police bugging scandal which has affected the most senior ranks of the NSW Police.

The current Commissioner, Andrew Scipione, and a current Deputy Commissioner, Catherine Burn, worked at SCIA at relevant times. One of the detectives SCIA was bugging was Nick Kaldas, now also a Deputy Commissioner.

“What we have is a secret police investigation that obtained secret warrants, that was then reviewed by a secret police investigation and is now being considered by a seemingly endless secret Ombudsman’s inquiry,” Mr Shoebridge said. “This secrecy must stop.”

Between 1999 and 2001, the  SCIA and the crime commission ran a covert investigation codenamed Operation Mascot into allegedly corrupt NSW police.

Central to Mascot was a serving NSW police officer, codenamed M5, who went to work for SCIA and the commission, wearing a wire to bug his colleagues, some of whom were undoubtedly corrupt. But many of those he sought to entrap were honest police.

Some listening device warrants obtained by SCIA and the commission contained more than 100 names, mainly of former and serving police.

In many cases, the affidavits presented to Supreme Court judges contained no information whatsoever that would justify the bugging, and Fairfax Media has established that some of the information in the affidavits was false.

Many police involved in the case believe numerous criminal offences have been committed by some officers of the SCIA and the commission.

Complaints by police, including some from within SCIA itself, were internally investigated by NSW police from Strike Force Emblems as far back as 2004. But inquiries were stymied by the secrecy provisions of the NSW Crime Commission, which refused to co-operate or hand over crucial documents.

Successive governments refused to release the Emblems reports – but they were obtained by Fairfax Media. The reports said “criminal conduct” and revenge might have been behind the mass bugging.

The first Emblems report found there may have been “criminal conduct” involved in the bugging of 100 serving and former police.

Even M5, the NSW police officer doing the undercover bugging, confessed that in some cases he was “settling old scores” and “assisting, nurturing corruption”.

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Sydney’s new Archbishop Anthony Fisher installed in ceremony rich in tradition

As modern as the current Pope may be, this is one papal bull, or sealed letter, that is too important to email.
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The Latin document, arriving by diplomatic bag from Rome, will form the heart of Wednesday evening’s installation of Sydney’s ninth Catholic Archbishop, a ceremony based on more than1000 years of tradition, solemnity, celebration and – if some messages from the Vatican are any indicator – progress.

Anthony Fisher, chosen by Pope Francis to succeed Cardinal Pell, will arrive at St Mary’s Cathedral as Parramatta’s Bishop and leave as the metropolitan Archbishop of Sydney after the rite of installation and a mass to mark his office as a leader of Australian Catholics.

Watched by 2000 religious, civic and political leaders, including the Governor of NSW David Hurley and NSW Premier  Mike Baird, and all 40 present and former Australian bishops, as well as friends and family, the first ever Dominican Archbishop of Sydney will take his seat of office after a symbolically rich ceremony. It will include a guard of honour and indigenous welcome on arrival, and a change of dress in the Blessed Sacrament Chapel. Removing his bishop’s “choir dress”, he will step into Marian vestments, made in Australia from European liturgical silk and gifted to the cathedral by a local family. He will wear the ring and pectoral cross, and carry the crozier that belonged to the first metropolitan Archbishop of Sydney, John Bede Polding, who was in office from 1842 to 1877.

The papal bull will be read by the Apostolic Nuncio, Archbishop Paul Gallagher, confirming the authenticity of the appointment. The Holy See will be informed when the installation has taken place.

But for all the protocol, the Archbishop-elect says he would like to be known as a “man of the people” and admits to “mixed feelings” about the important day.

“I’m excited but I’m also quite daunted, a bit intimated,” he told Fairfax Media. “It’s a very big role, a great responsibility – it is at any time in history, but now especially so.”

Pressures on the church reach far and wide, including dwindling congregations, the ongoing commission into child sex abuse and Pope Francis’ pushes for tolerance and openness regarding gay marriage and sex.

“I think what has been revealed by the scandals from the past and the failure to deal with some of them, has, I think, been humiliating for many Catholics,” he said.

“Clearly some of these things were dealt with very badly and I really hope we have learnt from this experience.”

As a man whose love of music runs deep – alongside opera, he is a “bit of a Les Miserables tragic” he says – he has chosen scores which both revel in and speak of the grandeur of the moment. An informal welcome in song by Catholic school children is followed by choices including Summae Trinitati set to music by contemporary Scottish composer James MacMillan, and the Australian composition In Faith and Hope and Love by Richard Connolly and James Phillip McAuley.

While his jewels on the night will have to be returned to the Cathedral’s safe, Archbishop Anthony will soon  receive a ring, cross and crozier that are being made using his new coat of arms, designed with an heraldic historian and incorporating the symbol of the archdiocese of Sydney and the arms of the Order of Friars Preachers.

He has elected to keep the motto he used in Parramatta, “Speaking the truth in love” – words that come with no small amount of significance for a Catholic church in the spotlight.

Holy appointment

• Anthony Fisher will arrive at St Mary’s Cathedral wearing the “choir dress” of a bishop before changing into Marian vestments, plain white and purple dress made in Australia from European liturgical silk and donated to the cathedral by a local family.

• He will wear the episcopal ring and pectoral cross and hold the crozier, or pastoral staff, that belonged to the first metropolitan Archbishop of Sydney, John Bede Polding, 1842–1877.

• His music choices for the ceremony include Summae Trinitati set to music by contemporary Scottish composer James MacMillan, the Te Deum of Tomas Luis de Victoria and the serene polyphony of the Missa Te Deum laudamus by Palestrina. Australian compositions include the hymn In faith and hope and love by Richard Connolly and James Phillip MacAuley.

• A papal bull, or letter from the Pope, will be read by the Apostolic Nuncio, confirming the authenticity of the appointment. The Holy See will be informed when the installation has taken place.

• Mass will be followed by a reception at Cathedral House, Archbishop Fisher’s new residence.

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