We are quitting work and travelling around Australia. How will it affect our super?
May 25, 2008 by Josie Kay · Leave a Comment
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Q. My partner and I regularly listen to your financial advice segment on Radio 4GR Toowoomba on Sundays. Congratulations on a very interesting show.
We are aged 57 and 52 respectively, currently working full time and we each have superannuation policies. Later this year we plan to resign from our jobs and go on a working holiday around Australia for an indefinite period.
We are both going to roll over our superannuation policies. Also we plan to set up an ABN as this seems to be a requirement of some of the farms on which we are going to work.
In order to avoid fees eating up what we have saved in our superannuation policies we are going to make regular payments into our respective policies.
We have two questions
1. are there any tax advantages in making payments into our superannuation policies from our joint ABN account; and
2. is there a set % requirement based on the gross as to what we are required to pay into our superannuation policies e.g 9% or as self employed is that up to us.
We hope you can help. Looking forward to your reply
Josies answer: Thank you listening to Money Matters and I greatly appreciate your feedback. I am having so much fun and thoroughly enjoy answering questions on the radio and this website.
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