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Question 1: My wife and I have an SMSF and she will reach her preservation age on 15th June 2019. She stopped working while raising the children.
I encouraged her to get some part time work a couple of years back, but she has never worked more than 10 hours per week and does not intend to work more than this. She currently has a part time contract with Woolworths for 10 hours per week. On her preservation age, is she allowed to convert her super, that is in accumulation phase, into an account based pension?
Was she ever classed as gainfully employed under this part time contract?
Question 2: I had fully retired from the public service at age 55 and am now 62. My super is currently in an account based pension. A few years back with GFC, etc, I decided to get a casual job, now a part time contract for 10 hours per week with Coles.
Most weeks they ask me to work more than my contracted 10 hours. I have been told that if I pay in a non-concessional amount of say $300,000, it would have to go into an accumulation account and not an account based pension. Is this correct? Would reducing my work to the contracted 10 hours per week be enough to allow the non-concessional amount to become an account based pension or would I have to resign from my part time contract?
I am an Australian resident for tax purposes. I’m thinking of diversifying into some direct shares in the US. However, I’m unclear on how the tax works in the US and my online research has come up empty.
I understand the Australia side of it (ATO website thank you very much), but what about the US side? If I get dividends or make a capital gain, do I have to pay tax in the US?
Is this done automatically? Are there forms I need to fill in? Do I have to lodge a US tax return? Anything else I need to do?
Any help or point in the right direction would be greatly appreciated.
I would like your opinion please on the future for IOOF Holdings Ltd (ASX:IFL).
I bought at about $8/share several years ago mainly for the attractive dividend yield. The share price rose pleasingly to around $11/share but post the Royal Commission the trend has been bearish to around $5.30 now. Morningstar has fair value at $5.60 with a buy at $2.80 & sell at $9.8, quite a spread! I think that a pending acquisition of ANZ Pensions & Investments business could be important for the future. Is this acquisition likely to proceed? Even if it proceeds, are there other feature of the IOOF business that you like or don’t like for future value and dividend yield ?
What is your opinion of Platinum Asset Management (PTM) right now at around $4.80, and specifically its business long term in Asia? Its share price has come down from over $5 (even though markets generally in Asia are up this year) but still has a 6% dividend yield.