WA’s 320,000 public servants have finally won the right to pull their retirement savings out of the state biggest superannuation fund following the passage of long-awaited legislation through state parliament ON 1 September 2011. Many clients have been Waiting on this change so they could set up SMSF’s to purchase geared investment property.
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As the only legislated tax free retirement vehicle in Australia, there is no tax on profits on the pension you receive after the age of 60, in Pension Mode.
The Government has legalised limits on what you can contribute to this tax haven and it is, therefore, wise to take advantage of the annual tax breaks.