From 1 July the tax treatment of Transition to Retirement Pensions (TRIS) will change significantly.
Should you continue drawing your TRIS after this date?
The income generated in your superannuation fund that supports your TRIS has been exempt from tax up to now, however this concessional treatment will end on 30 June 2017.
From 1 July 2017 the tax rate on such income will increase from 0% to 15%. The effect of this change in tax treatment could be significant if your TRIS balance is substantial.
If you are currently drawing a TRIS from your superannuation fund, the cost/benefit decision to continue with the strategy will be dependent upon several key variables.
If Stratogen looks after the administration of your self managed superannuation fund your Stratogen Accountant will be in touch soon to discuss the strategy that best suits your circumstances.
For all other clients drawing a TRIS please contact your Stratogen Accountant.
Do you have friends, relatives etc. that have a TRIS? Perhaps Stratogen could help them work through the options available to them. We would love to hear from them!
Noosa Accountants & Financial Advisors Sunshine Coast QLD
Stratogen Accounting consists of a team of chartered accountants and highly experienced financial advisors who assist with all aspects of wealth creation including the transition from wokring to retirement and pension benefits.
Our accounting firm’s head office is located at Noosa on the QLD Sunshine Coast. Our expertise is unparalleled and thus we work with clients living interstate around Australia and internationally.
We offer the full range of services expected of a leading edge accounting firm. Our personal services for individuals include accounting, tax returns, superannuation funds and financial planning, estate planning, insolvency services and asset protection. Our approach to both our clients is practical, open and honest.
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