I retired 5 years ago at 60 own my own property which is subject to cgt and drawing down on my funds which l withdrew in full from my superfund due to low returns and fees.

As l am paying myself a salary from my own funds and not of pension age, don't care about lost interest as l wish to obtain a full pension in a years time am l subjected to the gifting or drawing down of funds when l come to claim the aged pensioned.

Reply to article

For original story, Click Here.

You would simply be subject to the asset and income test for the Age Pension at the time you apply and only subject to the gifting rules if you had given away more than $10,000 per year and no more than $30,000 over the 5 financial years prior to becoming eligible / applying for the Age pension. In addition dont discount being eligible to use any part of the 5 year bring forward concessional cap provisions to reduce or mitigate an potential cgt liability with the disposal of any CGT asset as long as you remain eligible to contribute to superannuation. Please ensure you receive personal tax advice from licenced tax agent before employing the previously mentioned strategy.

Reply to article

For original story, Click Here.