Superannuation can be a tax effective way of building wealth for your retirement. The tax rates imposed on superannuation funds are as follows:
These superannuation tax rates are in contrast to your personal marginal tax rate, which could be considerably higher. We can provide you with further information in relation to personal tax rates.
Contributions to the superannuation system are split into two broad groups, concessional contributions and non-concessional contributions. Limits apply to the amount of contributions (both concessional and non-concessional). We can explain more about the types of contributions that fall into this category and the limits that apply to you.
Depending on the classification of your superannuation benefits, you may be able to withdraw (cash out) part of your superannuation benefits. When you withdraw funds from superannuation, you may incur lump sum tax, depending on your age at the time of the withdrawal, the total amount withdrawn, and the superannuation component from which the funds are taken.
Outlined below is the tax treatment of superannuation withdrawals, based on an individual’s age at the time of withdrawal and in some cases the total amount withdrawn and superannuation component.
For individuals aged 60 and over, superannuation withdrawals made from taxed superannuation funds are tax-free and are non-assessable, non-exempt income.
Depending on your personal circumstances and the components that make up your superannuation benefit, tax may be payable.
Some super strategies we could use include:
Putting in place strategies to make your super grow will help you have a more comfortable retirement. We will assist you to make the right decisions and to stay on track.
A SMSF is a special trust fund that has been set up for 1-4 people who are usually family members. As members you become trustees/directors of the fund and you have greater control over the choice of where and when to invest and how the fund operates.
Starting up an SMSF is not a decision that can be made in a hurry. All the ins and outs need to be investigated thoroughly so you can weigh up the benefits and obligations. Whether or not you should establish an SMSF depends on your particular circumstances. The best place to start is to speak to us and we can explore how you can take control of your Superannuation and retirement savings today. Ideal Financial Group Services can make the setup and ongoing management of your SMSF easy.
Contact our team or call us on 02 6584 4971 to get started.