BMG Financial Planning and Accounting Albury Wodonga

February 2020

Transfer balance cap | Pension payments | Diderot Effect | Informal care | Bushfire relief

In this month’s newsletter, we discuss the transfer balance cap – the limit that applies when transferring super benefits from accumulation phase to retirement phase. Our animation illustrates the finer details of account-based pensions and the minimum annual pension payment. The purchase of a consumer good or service can prompt the purchase of another consumer good or service, and so on; we explore household consumption and the Diderot Effect. It’s not uncommon for a care recipient to receive informal care from a family member or close friend; we provide a summary of the aged care and informal care space, inclusive of the financial assistance available to eligible carers. Lastly, we leave you with an important Sky News video, where the ACCC Chairman Rod Simms explains that scammers are unfortunately targeting bushfire relief.

Retirement and the transfer balance cap (TBC)

A limit applies to the amount of super benefits you can transfer from accumulation phase to retirement phase to support an account-based pension. In this article, we discuss the transfer balance cap.

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Minimum annual pension payment animation

Upon commencing an account-based pension, a minimum annual pension payment must be made (until such time that the pension ceases). In this animation, we illustrate the minimum annual pension payment.

Launch Video

Household consumption and the Diderot Effect

The purchase of a consumer good or service can prompt the purchase of another consumer good or service, and so on. In this article, we explore household consumption and the Diderot Effect.

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Aged care and the informal care space

Older Australians are increasingly choosing to remain living in their own homes for as long as possible. In this article, we provide a summary of the aged care and informal care space.

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Notice: Scammers targeting bushfire relief

Australia is experiencing devastating and widespread bushfires; support for those impacted is overwhelming. In this video, the ACCC Chairman provides details on scammers targeting bushfire relief.

Launch Video