add the money to your smsf bank account then sent a notice of intent to the trustees. Make sure the trustees write back to the member acknowledging the contribution. Then make sure the smsf accountant has all the necessary paperwork when the return is due.
My husband is 60 and now has access to his super. He is self employed, earns little having slowed down with work and has a low super balance compared to my own. Am I best to pull his super out to help reduce our home loan and for me to contribute a portion of my salary into his account together with what we would have saved having reduced our loan? Grateful for your advice.
You need to do what is right for the two of you. If your mortgage worry’s you an option is it reduce the balance. Your husband would need to meet a condition of release to access his benefits as a lump sum. If you can add to the home loan again it’s up to you and what your priorities are. If he does doesn’t earn much he shouldn’t need a deduction in super.
It’s taxed depending on taxable and tax free percentages. If you make an NCC to super and start a pension it’s all tax free for the life of the income stream with no tax to the kids as the components are locked when the pension starts.
I am a pensioner. Not working or receive any other income apart from my pension. Advise my super fund of my wish to open pension account. Superfund insisted that I complete Notice of Intent. Which I did to my horror, lost substantial as tax! Have I been advised incorrectly?
@@patricaweber7959 if you have not added any money to super you shouldn’t need a notice of intent. You don’t need a NOI to start a pension anyway. There must be another reason the fund asked for it or they didn’t understand what you were trying to do. Sounds very weird.
For a withdrawal and reconstruction strategy is this guaranteed to eventually convert everything to tax free status. Is it possible that when you withdraw it always includes already tax free money. So difficult to convert all the taxable amounts.
you may need to do it over time given the non conessional limits and ability to add money back to super. the withdrawal and speed of the strategy would be impacted by your existing percentages.
Great advice! In case of SMSF, how does the personally contribution process work?
add the money to your smsf bank account then sent a notice of intent to the trustees. Make sure the trustees write back to the member acknowledging the contribution. Then make sure the smsf accountant has all the necessary paperwork when the return is due.
@@thestrategystacker Thanks a lot for the clear answer 🙂
Great advice been doing this for years
Keep doing it. Keep saving.
My husband is 60 and now has access to his super. He is self employed, earns little having slowed down with work and has a low super balance compared to my own. Am I best to pull his super out to help reduce our home loan and for me to contribute a portion of my salary into his account together with what we would have saved having reduced our loan? Grateful for your advice.
You need to do what is right for the two of you. If your mortgage worry’s you an option is it reduce the balance. Your husband would need to meet a condition of release to access his benefits as a lump sum. If you can add to the home loan again it’s up to you and what your priorities are. If he does doesn’t earn much he shouldn’t need a deduction in super.
Thank you for your reply. Can I contribute to my husband's super fund and claim this as a deduction off my income?
@@vanessawoo6980 no you can’t
I thought tax was paid at death depending on how money was paid into super. I didn’t think being in a pension fund changed that as you said.
It’s taxed depending on taxable and tax free percentages. If you make an NCC to super and start a pension it’s all tax free for the life of the income stream with no tax to the kids as the components are locked when the pension starts.
I am a pensioner. Not working or receive any other income apart from my pension. Advise my super fund of my wish to open pension account. Superfund insisted that I complete Notice of Intent. Which I did to my horror, lost substantial as tax! Have I been advised incorrectly?
@@patricaweber7959 if you have not added any money to super you shouldn’t need a notice of intent. You don’t need a NOI to start a pension anyway. There must be another reason the fund asked for it or they didn’t understand what you were trying to do. Sounds very weird.
For a withdrawal and reconstruction strategy is this guaranteed to eventually convert everything to tax free status.
Is it possible that when you withdraw it always includes already tax free money. So difficult to convert all the taxable amounts.
Recontribution.
you may need to do it over time given the non conessional limits and ability to add money back to super. the withdrawal and speed of the strategy would be impacted by your existing percentages.