Investing in Super
Jul 18th 2006, 9:27 am
#1
Forum Regular
Thread Starter
Joined: Jun 2004
Posts: 68
Investing in Super
Hi,
I have recently retired in Australia on a PR visa & I currently have my savings invested in term deposit type accounts. With the recent tax changes to Superanuation I was wondering if it would be more tax effective to place my savings into a super fund. My understanding is any interest earned would not be subject to Capital gains tax? however I am not sure if I would be able to access the money when required. Does anyone know if it is possible to pay a large sum into a Super fund to minimise tax & if so are there any catches to be aware of. I am 67 years of age if this makes any difference.
Thankyou.
David
I have recently retired in Australia on a PR visa & I currently have my savings invested in term deposit type accounts. With the recent tax changes to Superanuation I was wondering if it would be more tax effective to place my savings into a super fund. My understanding is any interest earned would not be subject to Capital gains tax? however I am not sure if I would be able to access the money when required. Does anyone know if it is possible to pay a large sum into a Super fund to minimise tax & if so are there any catches to be aware of. I am 67 years of age if this makes any difference.
Thankyou.
David
Jul 18th 2006, 11:41 am
#2
Forum Regular
Thread Starter
Joined: Jun 2004
Posts: 68
Re: Investing in Super
Just found this on the ATO site, guess this answers my question.
"Once a member attains age 65, superannuation funds can only accept contributions if the member works at least 40 hours in a continuous 30 day period in that same financial year"
"Once a member attains age 65, superannuation funds can only accept contributions if the member works at least 40 hours in a continuous 30 day period in that same financial year"
