ASK NOEL

My husband was terminally ill and I had to put him into an aged-care facility, for which I paid a bond of $575,000. We were self-funded retirees aged 67 and 69. The bond came out of our super because that was where our money was. My husband died early this year and when probate was established the bond was returned to me. I would like to put the bond money back into my super but I have been getting conflicting advice about this. Could you please advise me if I can do this and not be taxed?

My husband was terminally ill and I had to put him into an aged-care facility, for which I paid a bond of $575,000. We were self-funded retirees aged 67 and 69. The bond came out of our super because that was where our money was. My husband died early this year and when probate was established the bond was returned to me. I would like to put the bond money back into my super but I have been getting conflicting advice about this. Could you please advise me if I can do this and not be taxed?

To contribute to superannuation between 65 and 75, you will need to pass a work test. Your adviser will be able to explain the conditions to you and do the sums to ensure it is worthwhile.

My youngest turned 21 last month and is a full-time student in the second year of a four-year degree. Each fortnight I pay an allowance of $100 into an online account, which she seldom uses, so the funds are building steadily, albeit slowly. I would like to be able to advise her on how best to invest this money for future gain because she has no big goals for it. I also cover all her living and study expenses.

She should start with goals because that will give her focus and enable you to encourage her to work towards them. Once the goal is established, you will be able to discuss with her the strategies she can use to reach them. My book Making Money Made Simple is a good starting point.

Noel Whittaker is the author of Making Money Made Simple and other books on personal finance. His advice is general in nature and readers should seek their own professional advice before making any financial decisions. Email: noelwhit@gmail.com.

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