is that correct? i thought if the non-concessional went into the existing account they kept a record of taxable and non taxable contributions and it was treated for tax proportionally. And that the earnings on both were taxable so where is the benefit.
Not sure what you are referring too. It’s proportional but you may get a better outcome not mixing components. You may also make an NCC and start a pension and it’s all tax free from inception.
Yea they are kept separate but if you want to lower taxable percentage it’s harder to do with mixed components as the taxable and tax free come out on a percentage basis for a re contribution strategy. So your 100k withdrawal won’t be all taxable component if they are mixed.
You are right. The chap made a mistake . Plus if you did it that way (by opening a different account), you will end up paying a new / separate set of fees for that second account.
@@td3967 You wouldn't pay any extra admin fees if you were in an SMSF and if you were using a second fund to control the taxable component from an estate planning perspective in a retail fund, the tax saving to your kids would far outweigh the admin cost of a second fund.
@@richardguthrie3422 earnings in a pension account that is 100% tax free component are tax free that is noted in the comment above. Hence the reason you would start a pension after making an NCC to super.
Yes, earnings are liable for the "Super death tax" Non concession able contributions are tax free. Earnings "death tax" Non concessionable contributions No "death tax"
Great information. Many thanks. I draw a DFRDB pension. How do I go about checking my transfer balance cap to see if I am allowed to make a non concessional contribution to my super fund which I started after I began to draw my DFRDB pension upon leaving the Defence force?
You can check on MyGov as to your DFRDB value for transfer balance. If you started the pension recently it would be on your benefit statement. It depends when you started the pension, the year you triggered the transfer balance cap and its value and then work out any possible room. You have to work with the value of the TBC in the year you took the pension not the value this year following indexation to see if you can make an NCC.
if you transfer 1.9 million into the pension account and only took the 4% and the earnings over time grew to over 3 million, would the new 30% tax affect the pension account? which is tax free?
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This was informative, but how do you make audio so incredibly bad, especially when recorded in a studio???
I don’t know it’s not something people mention often. I’ll speak to the station and improve it for you next time.
is that correct? i thought if the non-concessional went into the existing account they kept a record of taxable and non taxable contributions and it was treated for tax proportionally.
And that the earnings on both were taxable so where is the benefit.
Not sure what you are referring too. It’s proportional but you may get a better outcome not mixing components. You may also make an NCC and start a pension and it’s all tax free from inception.
thats what i thought
Yea they are kept separate but if you want to lower taxable percentage it’s harder to do with mixed components as the taxable and tax free come out on a percentage basis for a re contribution strategy. So your 100k withdrawal won’t be all taxable component if they are mixed.
You are right. The chap made a mistake . Plus if you did it that way (by opening a different account), you will end up paying a new / separate set of fees for that second account.
@@td3967 You wouldn't pay any extra admin fees if you were in an SMSF and if you were using a second fund to control the taxable component from an estate planning perspective in a retail fund, the tax saving to your kids would far outweigh the admin cost of a second fund.
is the earnings on the no concessional subject to death tax
Earnings are taxable component in super but if in a totally tax free pension with 100% tax free component I would think not.
No. Non concessional contributions count as non taxable in your accumulation account. So no death tax.
@@richardguthrie3422 earnings in a pension account that is 100% tax free component are tax free that is noted in the comment above. Hence the reason you would start a pension after making an NCC to super.
Yes, earnings are liable for the "Super death tax" Non concession able contributions are tax free. Earnings "death tax"
Non concessionable contributions No "death tax"
Great information. Many thanks. I draw a DFRDB pension. How do I go about checking my transfer balance cap to see if I am allowed to make a non concessional contribution to my super fund which I started after I began to draw my DFRDB pension upon leaving the Defence force?
You can check on MyGov as to your DFRDB value for transfer balance.
If you started the pension recently it would be on your benefit statement.
It depends when you started the pension, the year you triggered the transfer balance cap and its value and then work out any possible room. You have to work with the value of the TBC in the year you took the pension not the value this year following indexation to see if you can make an NCC.
@@thestrategystacker Many thanks.
Your transfer balance cap use would have been given to you when you exited defence. MyGov may also show what has been used.
can you have two pension accounts from two different supper company's?
You can have as many pensions as you want provided they are below legislated limits.
if you transfer 1.9 million into the pension account and only took the 4% and the earnings over time grew to over 3 million, would the new 30% tax affect the pension account? which is tax free?