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You may want to consider changing any nomination you have made for your super in the event of your death, now that new super rules apply.
From 1 July 2017, there is a limit on how much super you can transfer to ‘retirement phase’ during your lifetime, where no tax will be payable on investment earnings.
This limit is known as the ‘transfer balance cap’ and it’s $1.6 million in 2017/18. It is indexed in $100,000 increments in line with the Consumer Price Index, and it includes pensions started with your own super money, as well as those you may continue or commence as a result of someone else’s death.
Consider your death benefit options
The introduction of the transfer balance cap may warrant reviewing the death benefit nomination you have put in place for your super. This could involve:
Ask your adviser
AGS Financial Group can help you decide on the strategies that work best for you – so get in touch with us and make an appointment to discuss your needs and situation.
AGS Financial Group Pty Ltd, ABN 70 093 990 946, trading as AGS Financial Group, are authorised representatives of AMP Financial Planning Pty Limited ABN 89 051 208 327 (Australian Financial Services Licence No. 232706). Any advice on this page is general in nature and does not take into account your personal objectives, financial situation or needs. Accordingly, you should consider the product disclosure statement for any product and your own objectives, financial situation and needs before acting on this information and before acquiring a financial product. You can obtain a copy by contacting us on 02 9966 8188.
Financial planning, corporate benefits and mortgage services are provided by AGS Financial Group Pty Ltd ABN 70 093 990 946, an Authorised Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 (AMPFP), AFS Licence No 232706. Accounting, taxation, and business advisory services are provided by AGS Accounting Pty Ltd ABN 12 166 728 696. Liability limited by a scheme approved under Professional Standards Legislation.