Your super could cost your children thousands in tax

Comment “Amy” and I’ll send you more information on the re-contribution strategy and how it may help reduce the taxable component of your superannuation. When reviewing your estate planning and preparing for the next generation, it’s important to remember that your superannuation may become one of your largest assets later in life. If your super is left to adult children, they may be required to pay tax on the taxable component they receive. However, if it is received by a spouse, it may generally be tax-free. For many people, this tax can represent a significant amount, potentially reducing the value passed on to their beneficiaries. One strategy that may help reduce the taxable component of superannuation is a re-contribution strategy. This involves withdrawing money from super and contributing it back as a non-concessional contribution, which can help change the tax structure of your super balance. Understanding how your superannuation is structured and how it fits into your estate plan can help you make informed decisions about the legacy you leave behind. Comment “Amy” and I’ll send you more information on this strategy. 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.