Family trusts, investment companies – and holding assets in your own name – will help you minimise tax.
Consider your wealth management strategy as a jigsaw puzzle. In retirement, you can hold your wealth in super in a pension or accumulation account, while outside super you can hold wealth personally, jointly with your partner or through a trust or company. However, government rule changes can disrupt this carefully arranged configuration.
However, this decision is complex. You may already possess income-generating investments outside super, such as properties, a trust or company portfolio, or a defined benefit pension. These can consume your tax-free threshold, eliminating the incentive to create a $340,000 personal portfolio. Consequently, the tax on that same new personal portfolio could jump from nothing to at least 19 per cent, or even as high as 47 per cent.So before withdrawing any super above $1.
For couples, the order remains the same but equalising your super balances should be prioritised. It is inefficient to have $2 million in one person’s super and $1.4 million in the other’s when, with planning, both partners could hold $1.7 million tax-free.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alec Baldwin to face civil lawsuit from Halyna Hutchins' familyThe family of Halyna Hutchins' is set to proceed with a civil lawsuit against actor Alec Baldwin after charges for involuntary manslaughter were dropped over the death of the cinematographer on set of the movie Rust.
Read more »
Humphries’ family gathers from around the globeThe comic’s wife Lizzie Spender and his family gathered by the 89-year-old’s Sydney hospital bedside this week.
Read more »
Why this family is 'alone' on Eid like thousands of others blocked from their loved onesAhead of Eid, Afghans who arrived in Australia after the Taliban took power in 2021 are experiencing heightened feelings of isolation and loneliness, one advocate warns. Others express how the occasion presents an opportunity to feel closer to home while enjoying the safety Australia offers.
Read more »
‘Farewell possums’: Dame Edna takes a final bow as creator Barry Humphries diesEntertainment icon Barry Humphries was beloved by generations of Australians for his flamboyant alter egos including the refined Melbourne ‘housewife’ Dame Edna Everage and the uncouth ‘cultural attaché’ Sir Les Patterson. 7NEWS
Read more »
‘Himself until the very end’: Barry Humphries’ family release heartfelt statementFor decades, the Melbourne writer, satirist and performer was inseparable from his much-loved characters. Now, all have taken their final bow.
Read more »
Magazine editor sacked over Schumacher AI ‘interview’The publishers of a German magazine that ran an “interview” with Michael Schumacher generated by AI have sacked the editor
Read more »