A re-contribution strategy may help reduce the tax impact on your adult beneficiaries, but many

A re-contribution strategy may help reduce the tax impact on your adult beneficiaries, but many people also wonder how it could affect their Centrelink Age Pension. The good news is that because the money remains within your superannuation and the overall value of your financial assets does not increase, this strategy generally does not create an additional asset for assessment purposes. The withdrawal and recontribution process also does not mean you are receiving extra income, as the funds are being moved within your superannuation structure. It’s important to ensure your records and Centrelink information are updated correctly to avoid your assets being counted incorrectly during the process. Understanding how strategies like this interact with your broader financial situation can help you make more informed decisions for your future. General advice only. Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

Disclaimer || The information provided in this post is general in nature only and does not constitute personal financial advice. Amy Lehmann is an Authorised Representative(No. 1292710) of AFSL 495401.