Question
Joshua has just retired at 56 and has a balance in his superannuation fund of $800,000 which consists of a taxable component of $600,000 and
Joshua has just retired at 56 and has a balance in his superannuation fund of $800,000 which consists of a taxable component of $600,000 and a tax-free component of $200,000. He has a partner Lisa who is 54 years old and will retire when she turns 56. She has $200,000 in superannuation which is made up wholly of a taxable component.
Joshua has come to you for advice on the most tax-effective way of structuring his superannuation. He and Lisa require about $60,000 after tax to live their modest lifestyle. Currently, Lisa earns $30,000 as a part-time teacher. The assets they have consist of a house which is not mortgaged, their superannuation and savings of about $20,000.
Provide your advice on how Joshuas superannuation can supplement their income and provide a strategy which will provide the most tax-effective income for them both.
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