Taxing Generational Wealth Transfer

Something I am seeing more and more is people trying to maintain a certain amount of money/assets to pass on to their children.

Superannuation is a massive part of this, other than the family home it’s generally the largest asset.

The one big mistake I see over and over again is people not realizing superannuation that goes to a non-dependent can be taxed if your superannuation has a taxable portion.

The vast majority of the superannuation you accumulate throughout your working life will be taxable.

There are tricks to reduce or remove this tax whilst still keeping it in the tax-friendly environment of superannuation.

Depending on how much you have in superannuation this could be the difference of hundreds of thousands being lost to tax or staying within your family.

Be sure to reach out to one of our planners to review what you have and what can be done to minimize tax payable to your estate.

For any Financial Services assistance, please speak to a Financial Planner now at BW Private Wealth Financial Planning | Ballarat | Ararat | Surrounds

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