Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 7 February 2025. The topic for this week is: Do kids pay tax on a super inheritance? Many people don’t realise that your kids may pay tax on a super inheritance. And while we apparently don’t have any death taxes in Australia, this superannuation tax sure behaves like it, albeit called by another name. Is there anything you can do about it? Luke explores some strategies, including the re-contribution strategy.
Thank you for joining us live on 2CC, YouTube or your favourite podcast streaming service with ‘The Strategy Stacker – Luke Talks Money’.
Key topics covered include:
- What are the components of your super?
- If you’re over 60 super is tax free for you, but it might not be not be for your kids when you pass.
- What is a taxable component of super?
- What is a non-taxable component of super ?
- What is a dependent and a non-dependent child?
- How do you find out what your components are?
- What are the steps to solve this tax problem for non-dependent children?
- What are the benefits to using a new fund to re-contribute the withdrawn funds from.
- Luke shares his key tips when considering and managing this super and estate planning issue.
Our podcast is also available on Apple Podcasts, Spotify and YouTube – ‘The Strategy Stacker – Luke Talks Money’
Do you need help to manage your superannuation and retirement?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement (including transition to retirement). Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.
Luke will return to 2CC to talk about other ‘Money Matters’ next week, we hope you can join us. You can also catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.
We look forward to your company again and Luke’s book Smart Money Strategy is out now.
