Van
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Van, who is 59, was born on 1 July 1956. He has $1,100,000 in his superannuation fund, consisting of $300,000 in non-concessional contributions. He has decided it is about time to begin receiving his superannuation benefits and wants to take a lump sum to pay off his mortgage, buy a new car and pay some debts. The amount he needs is about $430,000. Whatever remains in superannuation after payment of the lump sum he would like to commence an income stream.
Advise Van on how he could receive his superannuation benefits in the most tax-effective way.
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