Tax with Max: Withdrawing a super lump sum

Taking cash out of an SMSF, keeping the Commonwealth Seniors Health Card, paying CGT after a demolition and more.

Summary: SMSF trustees who wish to withdraw a lump sum for house renovations, cars, holidays and other one-off large costs may be considering the upcoming changes to the age pension. The income test will change from January 1, 2015. If a lump sum is taken after December 31, 2014 it is likely that the age pension received will decrease or stop.

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