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This topic contains 1 reply, has 2 voices, and was last updated by  Andrew Ham 5 years, 3 months ago.

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  • #4779 Reply

    licencefx
    Member

    Hi,

    I have a client that is 57. He has a TTR setup. The platform provider has told him he can – setup a TTR. Withdraw his 10%. Send his money back to accumulation, then setup another pension account (within days of the first withdrawal) and then withdrawal another 10% and can keep going back and forth “refreshing” his account and taking another 10%….. surely this isn’t correct….. else why have a 10% rule in the first place….

    #4788 Reply

    Andrew Ham
    Member

    Hello,

    Unfortunately we are unable to provide you with advice about your client’s superannuation arrangements as it is essentially a matter that is not within our client focus.

    A professional taxation adviser (such as an accountant) is best placed to advise him on the complex rules surrounding this issue, based on a detailed understanding of your client’s circumstances.

    We presume that the platform provider, in enabling your client to act in this manner, has taken its own advice and is satisfied that it is a legitimate strategy.   You might consider contacting the platform provider and discussing it with them directly.

    Author: Andrew Ham

    Co-contributor: Greta Walters

    Keep an eye out for the launch of our new Sydney office on Martin Place in July 2016!!  We are very excited about this opportunity to service our Sydney clients.

     

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