The individual retirement is significantly to reach pay a tax amount with minimizing or eliminate the tax once stop working. To manage the tax positions in retirement specifically respect to superannuation. You can use to reduce tax in retirement in below strategies.
1. Commence an account based pension A pension from super fund is applied to 15% tax can be removed by fund earning. Additionally, you are aged above 60 is considered as pension income is free in the regardless amount of income. 2. Using self managed super fund (SMSF) The SMSF provides a great flexibility available to manage tax retirement. Before the 15% tax earning is removed by superannuation and avoid the tax planning flexibility afforded by SMSF. 3. Advantage of tax rebates and offsets The retired age 60, pension income is not an avenue for receiving a tax free income in retirement. Above 65 will apply to SATO and enjoy free high tax threshold. Some assets will abbe to receive an income of the outside superannuation from the free tax during retirement. • Selling assets and transfer of proceeds super • Time sale of assets to reduce CGT • Make deductible contribution to super • Recontribution strategies to reduce tax
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AuthorKervin Kupp Archives
April 2020
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