Yahoo! Australia & NZ Finance - Special Edition
Money Makeovers
with Peter Switzer
Your questions answered by an industry expert
Your questions answered by an industry expert
Benefits rolled over
We have a family superannuation fund and would like to know how the benefits rolled over from an untaxed super scheme will be taxed from 1 July 2007. Can you please help us?
The first $700,000 of the benefit rolled over is treated as a taxable contribution to the receiving fund (ie. assessable income subject to maximum 15% tax). Any excess above $700,000 is taxed at top marginal rates by the transferring fund. The net amount of the excess would form part of the exempt component by the receiving fund and not be subject to further taxation.
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Disclaimer: This is generic financial advice only. Any investment decision should be made after careful review of your individual financial situation, risk tolerance, investment objectives and time horizon. These Questions have been answered by Peter Switzer and Mark Leahy. Mark is the Managing Director of Switzer Financial Services. If your question is answered, it will be published in the Peter Switzers' Money Makeovers on Yahoo! Finance, and you will be notified by email.
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