This is off the property topic but maybe people can help. My father is aged 59 and would like to consolidate the vary little money he has in super into one pile and place that on term deposit until he needs it. He has about $50 000 in super all together.
How do i go about helping him to do this? I have googled and didn’t find anything and also checked the ato website and couldnt find specific information.
He may need to speak to the fund manager – he may need a transition to retirement pension (trp). Leaving the money in super (rollover to one fund) could be more tax effective than taking it out.
If he takes it out now, at age 59, he MAY have to pay some tax on it (depending on the amounts and the tax structure of the superannuation fund).
If he waits until 60, any withdrawals would be tax free (assuming it is not a Commonwealth govt super, which are taxed differently again)
As Scott said, it is best to see a professional about his options.
Hi Stoj
Within some platforms of the superannuation, you are able to invest the funds in term deposits and either put it in an allocated pension and take it when needed.
This would be a better option than to take it out of super as it is treated better tax wise inside super or a pension.
If you like shoot me an email [email protected] or call me on 03 9763 0011 and I will run through with you.Regards
Rob.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
