1.6M Super Pension Cap, page-6

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goggledog

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04/08/18

07:52

Post #: 34718188
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Originally posted by rocket973 ↑

Hi, a couple of important points may be of help. First of all I assume you have a SMSF. Once you have declared that you have more than $1.6 million in your super, which will be once you file your audited return then after then you won't be allowed to make any contributions except on a tax deductible basis. Place the $1.6 million into the pension stage. The amount under $1.6 million is not taxed but the amount over which will still stay in the accumulation stage will be taxed at 15%, although for capital gains on property or shares held for more than 12 months then its taxed at 10%.
Any pension drawn over the minimum amount should be then taken as a lump sum against the accumulation fund to reduce the taxable portion of the fund.
Even if that idiot Shorten wins power, you'll be able to circumvent most if not all his money grabbing, firstly any franking credits that you may receive can be used to offset any tax that maybe payable in the accumulation fund.
I suggest and what I am doing is to switch from dividend stocks into growth companies where you will make greater capital gains and if held for 1 year the amount above $1.6 million will only be taxed at 10%. Unfortunately you cannot actually choose which assets or shares are in each portion, it just becomes an average. Therefore always make sure that you take any loses as this will reduce any tax that needs to be paid.
I suggest if you turn 60 prior to lodging your Tax return and are sitting on any large capital gains then sell them prior so that no tax will be paid on any of it.
If you have a SMSF then tou should already have an accountant that does your return. If you don't have a SMSF the get one. I go a bit overboard and have two SMSF, it pays to if you have substantial assets and funds in Super. Another way of beating the tax man.
Also if you have any children of working age, join them up in the fund.

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Great post.

I've started a new thread in the Super forum hoping you could comment, cheers.
3 Upvote

0 Great analysis

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1.6M Super Pension Cap, page-6

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