Avoid tax in super on your death so your kids don't get penalised! The Re-contribution Strategy!

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 29 November 2024. Luke joins Leon Delaney in the studio to talk about a superannuation strategy that makes a lot of dollars and sense. There are a lot of incorrect assumptions about superannuation and this episode takes a deep dive into one of them.

It’s correct to say that if you are over 60 you can withdraw money from super tax free. However, the assumption that when you pass, any money in your superannuation or pension account will pass tax-free to your adult children is not correct. Adult children are not considered dependents, and therefore do not enjoy tax-free status. This show explores a strategy that may assist.

Thank you for joining us live on 2CC, YouTube or your favourite podcast streaming service with ‘The Strategy Stacker – Luke Talks Money’.

Key topics covered include:

Over 60, you can take money from super tax-free
Haven’t death taxes and duties been abolished?
Superannuation has a taxable component within your super
How is a taxable component created within your super?
How is a tax free component created within your super?
What happens when you pass away?
What is a non-dependant child?
How does the re-contribution strategy work?
What are the steps to implementing a re-contribution strategy?
Luke share’s his tips when considering the re-contribution strategy.

Do you need super, retirement or pension advice?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form on our website to make an appointment, for a confidential discussion about your situation.

We look forward to your company again and Luke’s book Smart Money Strategy is out now. For more information visit: https://thestrategystacker.com.au/

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