Since 1 July 2005 the transition to retirement condition of release has existed to allow those aged 55 and still working access to their super in the form of a Transition to Retirement (TTR) income stream. This has created the opportunity for you to restructure the way you presently receive your income, such that you can retain your present level of income, but potentially increase the balance of your superannuation when you retire.
If you are a small business owner you may be eligible for the capital gains tax retirement exemption. This means you may choose to use the proceeds from the sale of your small business for your retirement, and you might pay no tax on the capital gain.
However, if either you (or your spouse) are under 55 years old prior to receiving the sale proceeds you will only qualify for this exemption if you roll over the amount into either a complying super fund, ADF or Retirement Savings Account.
Successful retirement does not happen by chance it takes years of planning. Let Thornton Group’s team of highly skilled and experienced people guide you by designing, constructing & implementing a tailored plan to give you peace of mind in ensuring you have enough.
Don’t worry about having enough money in retirement, we will do it for you!