Hi, I'm over 65 and retired from the WA Government a few years ago having started in 1978. I'm currently work one day a week and left my GESB Goldstate Super deferred and have seen significant growth over the past couple of years. But the time has come to move it into a Retirement Income Allocated Pension. I attended a GESB seminar and they explained that there was little tax to be paid unless I moved into my bank account. My plan was to just move it into GESB's own RI Allocated Pension scheme, but two people have told me that they were advised by financial advisers to move their lump sums into non-GESB super schemes to avoid paying the 2 percent Medicare Levy. My understanding from the GESB seminars was that there would be no tax on my pre-83 service, or the components where tax had already been paid and that the Medicare levy would not apply as long as I kept the lump sum in the "super environment". My pre-tax lump sum is $1.4 million, so I really don't want to mess this up! I tried to comprehend the countless PDFs but I'm just not getting it. Thanks and regards.
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to avoid paying the 2 percent Medicare Levy.
That requires transfer from the untaxed fund to a taxed fund - see page 21 of
https://www.gesb.wa.gov.au/__data/assets/pdf_file/0017/2618/gss_essentials.pdf
Advice on starting a pension can only be provided by the holder of an AFSL (licence.)
You should get your own advice from an AFSL holder.
All replies
to avoid paying the 2 percent Medicare Levy.
That requires transfer from the untaxed fund to a taxed fund - see page 21 of
https://www.gesb.wa.gov.au/__data/assets/pdf_file/0017/2618/gss_essentials.pdf
Advice on starting a pension can only be provided by the holder of an AFSL (licence.)
You should get your own advice from an AFSL holder.
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