I want to … minimise my tax 

Superannuation is the single most tax effective investment vehicle at your disposal with a maximum rate of 15% on earnings in accumulation phase and generally tax-free in pension phase. However, the rules in relation to adding to super can be tricky and legislation changes often. For example the maximum you can move into the pension phase is $1.6m, the remainder must stay in accumulation phase where earnings are taxed at 15%.


Whilst you are approaching your retirement date you may want to consider a transition to retirement strategy whereby you make additional contributions into your super and then draw down some of your retirement savings at potentially a lower tax rate to help fund your day to day living expenses. This is not for everyone and you should sit with a professional adviser to determine if this is appropriate.


Other structures that could be explored can include discretionary family trusts, self-managed super funds (SMSFs), investment bonds but there will be pros and cons each of these so you will need to do your homework and speak to an adviser.


Have you considered any of the following:

  • Setting up a transition to retirement strategy?
  • Making additional contributions, salary sacrificing or splitting contributions with your spouse?
  • Using a SMSF to better manage your tax position?


Speak to us today and we can help you put together your plan to help you achieve this and many of your other goals.

Let us know how we can help