![]() ![]() Would I need to convert some of it to non-pension mode for the purpose of making non-concessional contributions, if I were to engage in this strategy? ![]() In the case of SMSFs, is the 17 per cent tax payable on the whole amount if it was received by a non-dependant? And, if not, at what age would one stop being able to adopt the withdrawal and re-contribution strategy and any conditions one would have to follow? My super is in pension mode. The cut-off point for a single pensioner homeowner is $588,250, which is way below the cut-off point for a couple of $884,000.Ĭould you please explain how to work out the taxable and the tax free components of my super? I have contributed both concessional and non-concessional amounts to my Self-Managed Super Fund (SMSF). With regards to CSHC eligibility, would these bonds need to be included as part of deemed income from financial assets? With the bonds, you mention there is no assessable income to declare on any individual tax return each year. I refer to your recent article on insurance bonds and the Commonwealth Seniors Health Card (CSHC). This assumes the legislation announced in the May federal budget is passed, which is highly likely. ![]() Unless you have more than $1.7 million in super, you may be able to contribute any surplus drawdown money up to age 75 as a non-concessional contribution without passing the work test. However, I think it is a relatively safe bet that from July 1, 2022, the normal minimum super drawdown rates would apply. It appears that the government cannot stop itself from tinkering with superannuation rules. This is now all back to the drawing board. Financial planners are unhappy because over the past three months they been busily working with their clients on appropriate strategies to use over the next financial year, when payments from account based pensions were supposed to double. ![]()
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