I've just sold my farm. What's the best way to park the money for a while?
Most people spend their time worrying about things that are highly unlikely, while overlooking the things that could actually happen. Australian banks are among the safest in the world.
Their shares dominate the Australian Stock Exchange, and for a bank such as CBA or NAB to fail, its entire asset base would need to collapse. If that ever happened, the impact on the economy and everyone's super would be enormous – because super funds are heavily invested in bank shares and the market index.
So don't focus on unlikely disasters. Park the funds in banks you trust, and focus on a long-term investment strategy that makes your money work for you.
We run a self-managed super fund and are updating our estate plan. If one of us dies, do we have to wait for probate before the death benefit can be paid?
Generally, an SMSF can pay a death benefit without waiting for probate. Superannuation is usually separate from the deceased's estate, so the fund's trustees can distribute the benefit as soon as they have the necessary documentation in place. Superannuation law does not require the payment to be delayed until probate is granted.
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That said, it's essential to check the fund's trust deed, as it sets out the rules for how and when benefits can be paid. Special care is needed if the deceased was the only member of the fund, because there may be additional steps or restrictions to follow before the payment can be made.
I retired two years ago and I am in pension mode. While I earn too much for the government pension, I'd like to clarify how my super pension works in practice.
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The Age
2 hours ago
- The Age
Russia's invasion of Ukraine must not be rewarded, says Albanese after Trump-Putin summit
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The Advertiser
2 hours ago
- The Advertiser
'It's crunch time': productivity puzzle must be solved
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The commission has spelled out a long list of recommendations to kickstart anaemic productivity growth in five separate reports released before the roundtable, which begins in Canberra on Tuesday. Suggestions include reforming the corporate tax system and financial incentives for workplace training. If the roundtable fails to revive productivity growth, Australia's GDP could be six per cent lower than it might otherwise be, a loss of about $6000 per person, HSBC chief economist Paul Bloxham said. "The stakes are high. It's crunch time." Mr Bloxham identified tax reform, competition and regulation as the three key areas the roundtable ought to address. Growth in the regulatory burden was symptomatic of a policy culture failing to prioritise growth, Ms Wood said. Governments have felt a need to "do something" every time an issue emerged, ending up in a system that dampened growth. An example was the Victorian government's plan to legislate at least two days a week of work from home. 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Ms Wood said the market had naturally found a "sweet spot", as businesses that offer more flexibility find it easier to attract and retain workers, and businesses that want stricter rules around office attendance tend to have to pay a premium. "So I guess if I was to apply a growth mindset to this, I would think what's the problem that we're trying to solve here? It's not clear to me that there needs to be a role for government in that," she said. "Regulatory hairballs" are everywhere, she argued, from 31-step approvals and licensing surveys for would-be Queensland cafe owners to "evermore stringent requirements for energy efficiency in the construction code". The Albanese government has lobbed its fair share of hairballs down Australia's regulatory gullet, contends opposition productivity spokesman Andrew Bragg. 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It's "crunch time" for the Australian economy. Young Australians face the prospect of being the first generation to be worse off than their parents and Treasurer Jim Chalmers' economic roundtable is crucial to ensuring that doesn't happen. The generational bargain is in peril and policymakers need to act, Productivity Commission chair Danielle Wood says. Now in their 30s, millennials are struggling to enter the property market, "as policy choices have contributed to house prices growing much faster than incomes for the best part of three decades", Ms Wood told the National Press Club on Monday. That's largely because successive governments have failed to adopt a "growth mindset" and encourage productivity - reaping more from the effort put into work - she said. "Productivity growth is the only way to sustainably lift wages and opportunities over time." 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Ms Wood said the market had naturally found a "sweet spot", as businesses that offer more flexibility find it easier to attract and retain workers, and businesses that want stricter rules around office attendance tend to have to pay a premium. "So I guess if I was to apply a growth mindset to this, I would think what's the problem that we're trying to solve here? It's not clear to me that there needs to be a role for government in that," she said. "Regulatory hairballs" are everywhere, she argued, from 31-step approvals and licensing surveys for would-be Queensland cafe owners to "evermore stringent requirements for energy efficiency in the construction code". The Albanese government has lobbed its fair share of hairballs down Australia's regulatory gullet, contends opposition productivity spokesman Andrew Bragg. 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AU Financial Review
7 hours ago
- AU Financial Review
Fraud claim rocks Smorgon gold mine deal
Companies controlled by the powerful Victor Smorgon Group have been accused of running a dishonest and fraudulent scheme to invalidly acquire a stake in an Australian gold mine at a below-market price. The allegations, which have been strongly denied, were filed in the Federal Court by the Smorgon group's Chinese partners in the Stawell Gold Mine, and reveal a bitter battle for control of the Victorian project at a time of record high gold prices.
