Money magazine Comments - Ask Paul: We're pensioners and just inherited $440k

Comment by Money magazine ()

Money magazine () — Wed, 13 Nov 2024 14:49:00 +1100

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Comment by Ertimus Waffle ()

Ertimus Waffle () — Wed, 13 Nov 2024 20:32:30 +1100

Waste of time

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Comment by SANJEEV PAL ()

SANJEEV PAL () — Thu, 14 Nov 2024 06:24:23 +1100

Hi Paul

Another option would be to once contributed to super, to move it to pension fund. Super earnings in pension fund are not taxed.

Although, my bigger worry would be that the inheritance may have a slight impact on the Government pension amount based on the assets test. Probably best to also consider advice from the Services Australia pension advisers.

Just my 2 cents worth.

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Comment by Phil Bert ()

Phil Bert () — Thu, 14 Nov 2024 08:24:22 +1100

Just to clarify Paul's comments.

You can put $360k in tax free if your Super is in accumulation mode and you do pay 15% tax on earnings. But once converted to pension mode there is no tax on earnings.

Seeings as you have stated that you are Pensioners one would assume you are already retired and your fund is in retirement mode, you may need to open a new Super account to put the funds in and then convert to Pension and combine to minimise fees. I would speak to your industry super fund about it.

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