I have been trying to join him up to Australian Super for four months,but they are impossible to communicate with. You must upload all communications onto their website,but unfortunately,it limits the size of the document that you can upload and that limit is smaller than the application form they sent me. So I replied to their email address with the form,but it has been ignored. I have tried ringing and waiting online only to be directed to a form that turned out to be the wrong one. I have given up on them.
![Helping kids with their super can mean you’ll run into some hurdles.](https://static.ffx.io/images/$width_300%2C$height_150/t_crop_auto/t_sharpen%2Cq_auto%2Cf_auto/67aa959c992e6d9144aa00a5be0a2f165ef654a7)
Helping kids with their super can mean you’ll run into some hurdles.Simon Letch
Some super funds such as Australian Retirement Trust (ART) allow for accumulation accounts to be opened for those under 18. ART requires the parent/guardian to sign and submit the application form which can be found at the back of the.
Probably a more important point here though is that the fund won’t be able to accept these personal contributions unless the grandson has a Tax File Number (TFN) that has been provided with the account application.
If no TFN is provided,the ATO requires any personal contributions must be returned. This is different from employer (mandated) contributions which can be accepted without a TFN,though significantly more tax is deducted from those contributions.
All APRA super funds are required to adhere to the three per cent cap on low-balances (balances under $6,000). This is commonly called the and requires super funds to refund all administration and investment fees and costs exceeding three per cent of an account balance under $6,000 as at 30 June each year. This means on a balance of $1,000 the maximum fees and costs would be $30.
I am a 75-year-old widow with an estranged daughter. I live in my own home,debt free and with a superannuation fund worth $260,000. I am on a full aged pension and withdraw minimum fortnightly amount from super but have spent a significant amount of the original figure setting my house up for the future,including a granny flat. I now plan to rent this out to the limit allowed to keep my pension. I’m keen to put some small amounts of money into index funds as a way of saving for my funeral and wonder how this would affect my pension. I have good genes and live healthily so need to stay financial for 20 + years.
Investing regularly into an index fund is a great way to keep abreast of the market,and it’s a good way to save small amounts. It should have no effect on your pension but when the money grows you may consider pre-paying for your funeral or taking out a funeral bond.
Funds invested in this way are exempt from Centrelink. Given the relationship with your daughter,I trust you got good legal advice when making your will.
My friend is aged 65 and has $300,000 in superannuation. When my friend applies for the pension,will this super be included as part of the means test when applying for the pension? They think that super cannot be touched or included as part of the aged pension application.
Until you reach pensionable age superannuation is not assessed unless you move to pension mode. However,once you do reach pensionable age the value will be asset tested and will be given a deemed income for the income test.
I’m 58 and my wife is 57. We started working part-time in 2024 with a view to retiring in the next 2–4 years. We have $100,000 in a bank account that earns 5.5 per cent interest. If we were to transfer the interest amounts on that account to super every month would these amounts still incur income tax at the end of the financial year?
The interest is taxable once it is paid to you and withdrawing it cannot change that. However,you could make a tax-deductible contribution to super equal to the interest which may wipe it out.
Noel Whittaker is the author ofWills,Death&Taxes Made Simple and numerous other books on personal finance. Email:
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