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Transition to Retirement PensionThere are potential tax advantages for members through investing in a Transition to Retirement Pension (TRAP).
Members working full time may be able to use TRAP to minimise tax and maximise superannuation savings without reducing take-home pay.
INCOME POSITION FOR A FULL-TIME WORKER 55+
Without TRAP With TRAP
Salary $70,000 $70,000
Salary Sacrifice - $20,000
Taxable Income $70,000 $50,000
Tax (including Medicare levy) $16,050 $9,250*
After-tax salary $53,950 $40,750
TRAP drawdown - $13,200
Total after-tax income $53,950 $53,950
Consolidating Your Super
Keeping all of your superannuation benefits in one place makes sense. By transferring your other superannuation fund accounts into TWUSUPER you’ll be able to save on fees and keep track of your superannuation investment.
Having all your superannuation in TWUSUPER reduces your paperwork and makes it easier to keep track of where your superannuation is invested and how it’s performing.
For a hassle-free transfer call TWUSUPER representatives Lou Stepanoski on 0408 294 937 or Stephen Shelton on 0417 203 820.
Money Solutions
TWUSUPER has teamed up with Money Solutions* (AFSL #258145) to give fund members access to low-cost practical financial advice when they need it.
Money Solutions do not take commissions. They work on a flat fee for service basis - so their advisers are focused on recommending strategies that work for you.
TWUSUPER will pay for your first ‘single superannuation issue’ in a telephone session with Money Solutions. Other fees relating to superannuation advice can be deducted directly from your TWUSUPER account.
To contact Money Solutions:
Call the TWUSUPER Customer Service Team on 1800 222 071
Call Money Solutions directly on 1800 046 144.
Members working full time may be able to use TRAP to minimise tax and maximise superannuation savings without reducing take-home pay.
INCOME POSITION FOR A FULL-TIME WORKER 55+
Without TRAP With TRAP
Salary $70,000 $70,000
Salary Sacrifice - $20,000
Taxable Income $70,000 $50,000
Tax (including Medicare levy) $16,050 $9,250*
After-tax salary $53,950 $40,750
TRAP drawdown - $13,200
Total after-tax income $53,950 $53,950
* Allows for mature age worker tax offset $500
In this scenario, a full-time worker has a taxable income of $70,000 and has elected to salary sacrifice $20,000 to reduce their taxable income to $50,000.Consolidating Your Super
Keeping all of your superannuation benefits in one place makes sense. By transferring your other superannuation fund accounts into TWUSUPER you’ll be able to save on fees and keep track of your superannuation investment.
Having all your superannuation in TWUSUPER reduces your paperwork and makes it easier to keep track of where your superannuation is invested and how it’s performing.
For a hassle-free transfer call TWUSUPER representatives Lou Stepanoski on 0408 294 937 or Stephen Shelton on 0417 203 820.
Money Solutions
TWUSUPER has teamed up with Money Solutions* (AFSL #258145) to give fund members access to low-cost practical financial advice when they need it.
Money Solutions do not take commissions. They work on a flat fee for service basis - so their advisers are focused on recommending strategies that work for you.
TWUSUPER will pay for your first ‘single superannuation issue’ in a telephone session with Money Solutions. Other fees relating to superannuation advice can be deducted directly from your TWUSUPER account.
To contact Money Solutions:
Call the TWUSUPER Customer Service Team on 1800 222 071
Call Money Solutions directly on 1800 046 144.
* The Trustee of the TWU Superannuation Fund (TWUSUPER) is not responsible for and does not accept liability for the products and services of Money Soluitions. TWU Nominees Pty Ltd (ABN 67 002 835 912) AFSC No. 239163 is the Trustee of TWUSUPER (ABN 77 343 563 307).
