This can benefit people who:
- are residing in aged care who are under age pension age
- May increase entitlement to pensions under income or assets test, as super in accumulation phase exempt under age pension age
- May reduce aged care fees, as super in accumulation phase exempt under age pension age
Things to be aware of:
- Non-concessional or concessional contributions caps
- Tax on earnings in accumulation phase (max 15%) compared to tax in pension phase or outside superannuation
- Contribution preserved until condition of release met
- Costs and taxes if redeeming investments to contribute to super
- Commuting superannuation income streams and rolling back to accumulation may result in losing grandfathering
Aged Care & Home Care can seem complex. We have a special offer for general advice for $225.00.
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