Families living together to provide support and care for one another is not a foreign concept, however as the need for assisted care increases so do the associated costs, conversely the ability to ‘age at home’ decreases.
The recently delivered Federal budget contains a number of proposed changes to Superannuation provisions with potential effects both for accumulation funds, i.
Tax exemption on TTR pension earnings removed – but TTRP strategy still useful The tax exempt status of income from assets supporting transition to retirement (TTR) pensions will be removed from 1 July 2017, with earnings to be taxed at the Super accumulation tax rate on earnings of up to 15%.
For many Australians, superannuation is the primary retirement savings they have.
KIPPER stands for Kids in Parents Pockets Eroding Retirement savings.
We regularly sit down with clients and ask the question as to whether they have an Accommodation Plan in place in the event that they require care in their Golden Years.