For the 60 year-olds with adult children

Superannuation Recontribution Strategy

This one is for the over 60-year-olds with adult children.

Do you know that if you die and your superannuation balance is given to your adult children, then your adult children may have to pay tax on your superannuation?

Whereas, if you had withdrawn the balance during your life, you would not have to pay tax on the same amount?

Recently, we have been speaking with local financial advisors about a “recontribution strategy”. And today, a group of national estate planning lawyers had a training session about this very useful strategy.

In essence, this strategy involves you withdrawing a lump sum from your superannuation account and then recontributing the money back into a superannuation account as a tax-free non-concessional contribution. And you do this during your life.

It’s a complicated area – and we’ll work with your financial advisor.

In our initial strategy meeting, if we see that you have a substantial superannuation balance (and life insurance within superannuation) and you are between the ages of 60 and 67, and have non-tax dependants, then we’ll suggest you see a financial advisor to see if they can reduce the tax burden for your loved ones.

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Bernadette Duell

Principal Lawyer

Bernadette Duell

Principal Lawyer
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Paul Terry

Business Manager

Paul Terry

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Brayden Thompson

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Rachael Cole

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The Law Has Changed

An update has occurred to Western Australian Law changing what happens if someone dies without a will.

These changes came into effect after March 30th 2022.

Learn about these changes by clicking the button below.