Key Takeaways
- From age 60, Australians can access their superannuation tax-free, even while continuing to work
- Strategic withdrawals and recontributions can create significant tax savings
- By moving funds between super accounts, investors can potentially generate a large tax credit with minimal effort
- When combined with other Ethical IQ tax strategies, the savings can exceed $13,000 in tax benefits
- This approach can be repeated each year, creating ongoing tax-free income and additional tax savings
Hello there. It’s Rick Leighton here from Ethical IQ Advisory.
Today, let’s spend a moment looking at one of our favourite strategies, and one that our clients absolutely love.
Saving $13,931 in tax with just two minutes of effort.
Sounds pretty great, right?
Let me introduce Game-Changing Tax Strategy Number 7. This strategy is all about using your superannuation in a supercharged way, exactly how we believe it should be used.
From age 55, Australians can begin accessing their super with some tax concessions. But things get really interesting once you reach age 60, because from that point you can access your super tax-free.
Even if you’re still working and earning a strong income, this opens the door to some very powerful tax planning opportunities.
From age 60, we can structure your super accounts so that you withdraw $20,000 from one account and then, just a couple of minutes later, recontribute that same amount into another account.
That simple movement of funds can generate tax savings of up to $9,400.
You may then decide to withdraw the money again — still tax-free — giving you access to both the tax refund and the tax-free income to use however you choose.
The best part is that this process can be repeated year after year.
Who wouldn’t enjoy an extra $29,400 available to spend each year?
This is one of our signature game-changing strategies.
When you combine Game-Changing Strategy Number 7 with Game-Changer Number 4, you can potentially save $13,931 in tax with just a couple of minutes of effort.
And you can keep doing this annually.
Our strategies become even more powerful when they are combined into a comprehensive tax plan.
By doing this, you may be able to enjoy $20,000 in tax-free income, a $9,400 tax credit, and the long-term benefits of reinvesting those savings back into your super, creating even greater tax advantages over time.
To learn more, talk to us at Ethical IQ Advisory — Australia’s number one tax advisory firm for property investors.
You can book a complimentary strategy onboarding session by selecting Game-Changing Tax Strategy Number 7: How to Save $13,931 in Just Two Easy Minutes.
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