Generally pensions cannot be commenced if the initial pension account balance is greater than $1.9m (the current transfer balance cap which applies from 1 July 2023).
transition to retirement
Some things you should know about the super changes
Super remains the most tax effective way to build retirement savings and zero tax applies to pension phase. It will be easier for employees to make tax deductible contributions in the future however contribution caps are reducing from 1 July 2017. There is a one-time opportunity for total contributions of up to $575,000 before 30th […]
Omniwealth is a leading Australian wealth advisory group. Our mission is to change the way people are financially advised in Australia. By having Accounting, Business Advisory, Financial Planning, Legal, Property and Mortgage and Finance together under the one roof, we are able to provide a holistic approach to advising our clients.