Careful planning can make the world of difference. Don’t be too trigger-happy when it comes to initiating the transfer via myGov.
at least once in their lifetime. Apart from choosing the new fund, there is much to think about before making the move.
Hopefully, she’s already in a position to prepare her personal income tax return for fiscal 2023 and can get the right paperwork in place for that year’s tax deductions easily enough. Remember they are fund-specific so if they’re to continue they will need to be replicated in the new fund. It also pays to think about whether the instructions should change in a new fund.
A member who leaves this fund will have her super balance reduced by any capital gains tax owing if these assets have increased in value – meaning the amount rolled over to the new fund is smaller than expected.
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