Is tapping super to pay down a mortgage a feasible option?

, to your taxable income in the year the CGT event occurs.

Tax-deductible super contributions – known as concessional contributions – are limited to $27,500 a year, which includes the compulsory employer contribution. However, in certain circumstances, you may be eligible to make, which would increase the amount you can contribute to reduce your CGT. Most funds had a relatively bad year, but it may be unwise to quit a good super fund when the market is having one of its normal downturns, to pay off a loan.Credit:My question is about eligibility for the Commonwealth Seniors Health Card . We are a retired couple, both over age 67, and our understanding is that the value of our combined financial assets – superannuation, shares and bank deposits – are subject to deeming for the income test for the card.

NoelWhittaker It’s nonsense. When they get to retirement and don’t have a pot to piss in, they’ll want a pension.

NoelWhittaker Not if it impacts union fees.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Banks are being pushed to provide home loan relief and offer 40-year mortgages | 7NEWSThere are calls for the big four banks to offer customers 40-year mortgages to help families meet rising repayment costs. Extending the length of a loan can slash monthly repayments, but mortgage experts warn there are long-term drawbacks. _kathleenoco That's a lot of interest repayments People should stop buying homes they can't afford. Buy older, smaller cheaper homes to start with. Most people today want to impress their friends and family with a big house, new cars, boat and 6 TV's.
Source: 7NewsMelbourne - 🏆 18. / 59 Read more »