Just also keep in mind that no monetary value sick leave actually has value if you are taking long service leave prior to seperation. LSL is like rec leave in relation to the use of sick leave in that if you fall ill or injure yourself whilst on leave the leave being taken at the time you become sick is recredited to your leave account and replaced by sick leave, this also applies to LSL. I took 12 months LSL prior to retirement during which time I was diagnosed with cancer the time spent on diagnosis, treatment and recovery was converted to sick leave and LSL recredited to my leave account. Thus it has value.
In an extreme case where they can convert LSL to sick leave yes. No one strategy is perfect in every situation. Sick leave has no cash value as it stays with the employer. Your example is unique.
Thanks for the information i have been wodking at the same job for nearly 38 years and was blessed to be in PSS super. i have about 7 months long service leave over a year of sick leave. You were right about the old generation hard wodking ....i am looking to give your office a call when the time comes. 🙏
what should u consider if deciding if its best to sell a property just before retirment and putting money the money into super v holding onto it and having the rent yearly continue to fund your retirement
In relation to this I would assess the net rent and the cost of sale against what the super fund could generate you along with the use of franking credits. You would also consider the sale and tax implications and the use of catch up legislation to help mitigate CGT if it’s going to impact you. The rental income after costs may be less than the yield from a diversified super fund with added liquidity.
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Just also keep in mind that no monetary value sick leave actually has value if you are taking long service leave prior to seperation. LSL is like rec leave in relation to the use of sick leave in that if you fall ill or injure yourself whilst on leave the leave being taken at the time you become sick is recredited to your leave account and replaced by sick leave, this also applies to LSL. I took 12 months LSL prior to retirement during which time I was diagnosed with cancer the time spent on diagnosis, treatment and recovery was converted to sick leave and LSL recredited to my leave account. Thus it has value.
In an extreme case where they can convert LSL to sick leave yes. No one strategy is perfect in every situation. Sick leave has no cash value as it stays with the employer. Your example is unique.
Thanks for the information i have been wodking at the same job for nearly 38 years and was blessed to be in PSS super. i have about 7 months long service leave over a year of sick leave. You were right about the old generation hard wodking ....i am looking to give your office a call when the time comes. 🙏
Maria just reach out when you need us.
Looking forward to meeting Luke on 28 July
what should u consider if deciding if its best to sell a property just before retirment and putting money the money into super v holding onto it and having the rent yearly continue to fund your retirement
In relation to this I would assess the net rent and the cost of sale against what the super fund could generate you along with the use of franking credits. You would also consider the sale and tax implications and the use of catch up legislation to help mitigate CGT if it’s going to impact you. The rental income after costs may be less than the yield from a diversified super fund with added liquidity.
sounds like retiring three months into the new tax year would be ideal. most of that money be tax free or very low taxed
Yes better than adding it to a years income if you retire in June