lump sums

Do you have a pension balance over $1.6m and looking to draw more than your minimum pension requirement in 2020? Well, there is an innovative way to do this and minimise your tax.

If you think you will be needing more than your minimum pension and you have over $1.6m in your super fund, by planning ahead you can minimise your current and future tax.

By simply requesting a lump sum payment from the fund trustees instead of a standard pension drawing you can decrease the proportion of your member balance in accumulation phase. Remember that earnings on your accumulation balance are taxed at 15%.

Please contact us in advance as it is very important that you prepare the correct documentation prior to taking a lump sum payment and we are happy to assist you with this process. Contact Your Super Specialist here.

 

This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.