I put in a request to restart my Unisuper (industry/employer superannuation) account based pension with a larger number. The idea is to hit the total of $2.023 million between Unisuper and our SMSF, which is my transfer balance cap. The advantage is to pay less superannuation tax, the downside is that the money gets paid out of superannuation into the taxable environment.
Originally, I started a TTR pension with $600k. But as I have made additional superannuation contributions in the meantime, the accumulation account has been growing. Because all of the existing pension is rolled over into the new account and investment values change daily and you need to specify exactly how much to transfer from accumulation, it is hard to hit a precise number, but I also added a note that I wanted to reach $823k. Then I can restart the SMSF pension with a round $1.2 million. But no big deal, I can always start with a not round number. I now have all the $97.5k contributions for this year in the SMSF.
You can see the effect of the new superannuation contributions in this graph. There is a jump in cumulative superannuation contributions and a reduction in current savings. The big spike in current savings was the redundancy payment. Superannuation profits are at a new high, while current accounts remain depressed mainly because of gold exposure.
No comments:
Post a Comment