Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Matters show which aired on Friday 10 March 2022. This week's topic is: How is super taxed and what is the tax rate that’s applied. All working Australians have superannuation but do you know how the tax works? Key topics covered include:
- Tax depends on the status of your account – are you in the working phase or retirement phase?
- In the working phase, it’s a flat rate of tax – 15%
- However, if you earn more than 250k, you’ll pay a higher rate – and additional 15%
- If you however move to the retirement phase and take a pension and are over 60, you pay no tax that is 0%.
- What about capital gains tax in the working phase and in the retirement phase?
- If you exceed more than $1.7 million in super what happens at retirement and what are your options?
- Are there any other strategies that might be useful around how super is taxed?
- How does transition to retirement work?
- Luke shares his top tips around making the most of super and retirement options.
Do you need financial advice on super and retirement planning?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Make an appointment to confidentially discuss investment, super, insurance and/or retirement planning. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment, for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC next Friday. You may also catch up with The Strategy Stacker – Luke Talks Money podcast.
We look forward to your company again and sharing more news about the book that’s coming 20 March 2023 – Smart Money Strategy – Your Ultimate Guide to Financial Planning. For more information visit www.thstrategystacker.com.au
