There are new rules on the way that will require young adults and members with low super balances to actively “opt in” to holding insurance in super. If you’re in either of these categories, or perhaps have adult children in the workforce, now is a good time to ensure you understand the issues around insurance in super, and to consider what steps you, or your children, should be taking to protect future retirement benefits.

You may not spend much time thinking about the insurance in your super fund, but have you considered how much that insurance is costing you and whether it meets your needs?

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There’s nothing as certain as death and taxes, but tax on death is not so clear. The good news is that when an asset passes to a beneficiary, capital gains tax (CGT) generally does not apply. But down the track when the beneficiary decides to sell that asset, there are many forks in the path.

There is enough pain and anguish when someone dies, so fortunately there is, in most cases at least, no duty on assets that form part of the deceased’s estate and are passed to a beneficiary, or their legal personal representative (LPR). But as with life, the rules regarding death and CGT are not meant to be easy, particularly when that asset is a “dwelling”.

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Whilst the recent implementation of the ‘Protecting Your Super Package’ has received a somewhat mixed reception, it has provided some people with a much-needed prompt to review their super details.

Another opportunity to do so occurs with the release of annual super statements. As a super fund member, you will be receiving your annual statement soon, if not already, either electronically or via post mail.

Here is a helpful checklist for reviewing the details contained in this important document.

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Getting around to your taxes soon? The ATO has revealed the most common mistakes taxpayers tend to make at tax time, with thousands of lodgers caught out every year. Don’t be one of them! Stay ahead of the ATO by knowing the traps and seeking expert help when you’re in doubt.

It’s tax time, and as with every year the ATO is warning individuals to take care with their returns. But did you know that the ATO is using increasingly sophisticated data analytics to detect problem claims? It’s more important than ever to get it right. Here are the top four mistakes the ATO says you should be avoiding …

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Building a positive relationship with your finances is a worthy investment that can both maintain and improve your financial well-being. These are our four tips to help build a positive relationship with your finances:

1. Spend what is left after saving

2. “Do not save what is left after spending, but spend what is left after saving” – Warren Buffett.

3. When you get your pay check, many people make the mistake of spending first, and then saving what is left over. The problem with this is that it doesn’t guarantee any savings; your savings become dependent on how much you spend each month (and often in a rather unplanned fashion).

4. A better strategy is to pay yourself first by setting aside a fixed percentage of your income towards saving and investing, and then spending with what is left over.

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The small business CGT concessions can save businesses some serious tax – and help business owners significantly boost their superannuation – but it’s essential that you keep the right records, particularly for when the time comes to sell. Find out what your business should be doing now to keep the ATO at bay in the future. Most taxpayers understand they must keep proper records to help calculate their future capital gains tax (CGT) liabilities. However, business owners taking advantage of the generous small business CGT concessions are very likely to receive a “please explain” from the ATO after lodging their claim. So even if you’re not planning to sell your business any time soon, make sure you’ve got your record-keeping under control now to put you in the best possible position in future.

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A tribunal decision upholding the ATO’s call to disqualify an SMSF trustee from acting as a trustee again is a reminder of the importance of SMSF trustee responsibilities. The case illustrates how a person can be disqualified not only for breaching superannuation laws, but also if they are not a “fit and proper person” to be a trustee.

For many Australians, the control and flexibility offered by an SMSF makes this an attractive option for managing their superannuation. However, being an SMSF trustee carries significant responsibilities. Last year, the Administrative Appeals Tribunal affirmed a decision by the Commissioner of Taxation to disqualify a person from acting as a trustee of a superannuation fund. The case (Hart and Commissioner of Taxation [2018] AATA 1267) illustrates the consequences that can flow when SMSF trustees do not take their responsibilities seriously.

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There is a common misconception that in order to give you need to be wealthy, and that the only thing you can give is money. But the truth is that there are many different financial and non-financial ways that you can give to others.

You may have heard of the term philanthropy before, but if you’re unfamiliar with it, philanthropy is when you voluntarily contribute your money, possessions or time to other people or organisations.

How you give to others can be done in either a casual or more structured way. Unplanned giving usually happens in response to a request or appeal from an event or friends and family, or when you’re motivated to do so through your personal interests or beliefs.

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An influx of young investors are leading a charge of socially responsible and sustainable investing, funneling their money into investments and projects that serve the greater good.

In financial circles, socially responsible investments (SRI) and funds geared toward environmentally, socially and governance-friendly (ESG) projects have grown in popularity with millennial investors. Those activities include avoiding investment in companies associated with addictive substances and vices — like alcohol, gambling and tobacco — and seeking out companies engaged in social justice or environmental sustainability.

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