Transition to Retirement Income Streams are no longer tax-free, but you can still access your super before retirement if you meet certain conditions, and there are strategies to reduce the tax paid.
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Despite the confusing and technical nature of the CGT relief rules, it’s important for SMSF trustees and advisers to consider their implications as decisions need to be made prior to 1 July 2017.
Among the Budget’s proposed super changes, little has been said about the broad impact of the new transition to retirement rules. Those who intend working beyond the age of 60 may now pay tax on their entire balance.
Where there is a choice of receiving your superannuation as an income stream or a lump sum, it could be better tax-wise to receive it as a lump sum. There are complex rules here, so work with an expert on this one.