Each month we will share insights into superannuation, the government changes and keeping you informed.
It involved the withdrawal of a large chunk of your super balance and a subsequent “re-contribution” of this amount back into your fund as a Non-Concessional (or after-tax) Contribution (NCC). By withdrawing and re-contributing a portion of your super it converted some of the balance to Tax Free status for the future.
This didn’t have any immediate tax benefit to the fund or the existing members but provided a potential benefit for adult children on a member’s death.
Death benefits in super which are paid to a spouse are tax free however benefits paid to an independent adult child can carry a “death tax” of up to 15% (plus 2% Medicare Levy at times) of the super benefit paid.
Under the old contribution rules up to June 2017 a member under 65 could contribute up to $540,000 in one go, potentially saving up to $91,000 “death tax” on future benefit payments to adult children. Three years later the process could be repeated again.
December 2020
If you have any questions or would like to discuss any of these issues further, then please contact Roger Thomson on (08) 6274 6400 or smsf@byfields.com.au
Merry Christmas and a happy New Year to all.
Contents
Super re-contribution strategy prior to 2017
1
Changes from 2017
Commonly Asked Questions
1-2
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