If you are thinking about downsizing and would like to boost your retirement savings inside super for a tax free income in retirement, recent legislation changes^ may be of interest to you.
The new downsizer rules^ will allow those aged 55 and over to add up to $300,000 each to superannuation to bolster your retirement funds. If you haven’t used your non concessional contribution caps, a couple could use the two types of contributions and contribute $1,260,000 into superannuation. This could then provide tax free income to fund your retirement.
There is further scope with these contributions to maximise superannuation for those with a $1.7million transfer balance cap issue. The key to maximising your superannuation is to plan early and to know all the traps. It’s difficult to maximise super in the last few years before retirement.
With property prices on the decline, obtaining up to date advice on what you can do to build up your super is more important than ever.
We would love to help you or potentially your parents with this important piece of advice. Rushing ahead and not understanding all the underlying rules could be costly in the form of taxes and penalities.
Give us a call on 02 8013 5205 or contact us via the Contact Us form to discuss this opportunity.
This article contains information and general advice only. It does not take into account your personal circumstances. It’s important to consider your particular circumstances before deciding what’s right for you. This article is not intended as personal financial advice or as an offer or recommendation of securities or other financial products. You should obtain personal financial advice that addresses your particular investment objectives, needs and financial situation before making investment decisions.
^ The legislation is yet to receive royal ascent so it is not law yet. Please contact us to find out more.