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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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The benefits of using a re-contribution strategy

Posted on Nov 15, 2016 by CFL Financial

A re-contribution strategy involves withdrawing your superannuation and re-contributing it back into the fund as a non-concessional (after-tax) contribution.

It is an easy strategy to implement and can provide significant tax savings for a trustee and their family in the future. This is because the strategy converts the taxable portion of the withdrawn super amount into tax-free components, therefore reducing the amount of tax payable when the person’s superannuation is passed onto their beneficiaries when they pass away.

However, this strategy is only available to those who have met a condition of release to access their superannuation and are eligible to make a contribution back into their superannuation.

The strategy is most beneficial for those who are 60 years of age. This is because the strategy involves withdrawing a lump sum and paying any necessary tax on the withdrawal, and those who are aged 60 years or over generally do not have to pay tax on lump sum withdrawals they make from super.

Before implementing the re-contribution strategy, individuals should consider whether the strategy will be worthwhile in the long run. Those who are under the age of 60 wanting to use the strategy will not be able to withdraw their total superannuation balance tax-free. Those who have also triggered the bring-forward rule in the financial year they wish to use the strategy may also be at risk of paying more ‘excess contributions tax’.

As with most superannuation strategies, seeking professional financial advice may be best before implementing the re-contribution strategy.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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