Lifestyle Living – affordability

Lifestyle living affordability at Hume Retirement Resort is now more affordable after the 2017 budget …your new life is waiting for you!

As a result of the May 2017 budget, you can now afford more easily to retire in luxury. It’s as simple as selling your home in the City, and then for around $400,000 to $450,000 moving into a beautiful brand new home in Albury’s Premium ‘Hume Retirement Resort’. Keep your Age Pension and place up to $300,000 each into Super with no asset test…

Is offering a substantial superannuation benefit to pensioners over 65 who wish to downsize and sell their family home. As from 1 July 2018 retirees over 65 will now be able to get an exemption from the new rules which are set to be introduced on 1 July. Under the plan a maximum of $300,000 each can be transferred into superannuation from the sale of a family home.

Separately, for the nation’s more than one million SMSF ­operators the clarification on the treatment of superannuation borrowings will limit the appeal of borrowing in super funds, ­especially to those at risk of breaking the $1.6m cap on what can fund a tax-free retirement income.

According to Treasury, the ‘outstanding balance of a limited recourse borrowing arrangement will now be included in a member’s annual total superannuation balance’. There had been some debate that borrowings had not been fully covered in last year’s budget allowing some wriggle room for investors. But the government now says: “Borrowing ­arrangements can be used to circumvent contribution caps and effectively transfer growth in ­assets from the accumulation phase to the retirement phase that is not captured in a balance cap”.

As a result of the May 2017 budget, you can now afford more easily to retire in luxury. It’s as simple as selling your home in the City, and then for around $400,000 to $450,000 moving into a beautiful brand new home in Albury’s Premium ‘Hume Retirement Resort’. Keep your Age Pension and place up to $300,000 each into Super with no asset test…

The new Federal budget is offering a substantial superannuation benefit to pensioners over 65 who wish to downsize and sell their family home. As from July 1st 2018 retirees over 65 will now be able to get an exemption from the new rules which are set to be introduced on 1 July. Under the plan a maximum of $300,000 each can be transferred into superannuation from the sale of a family home.

Separately, for the nation’s more than one million SMSF (Self Managed Super Fund) ­operators the clarification on the treatment of superannuation borrowings will limit the appeal of borrowing in super funds, ­especially to those at risk of breaking the $1.6m cap on what can fund a tax-free retirement income.

According to Treasury, the ‘outstanding balance of a limited recourse borrowing arrangement will now be included in a member’s annual total superannuation balance’. There had been some debate that borrowings had not been fully covered in last year’s budget allowing some wriggle room for investors. But the government now says: “Borrowing ­arrangements can be used to circumvent contribution caps and effectively transfer growth in ­assets from the accumulation phase to the retirement phase that is not captured in a balance cap”.

Check Hume Retirement For Sale pages and call Craig Schmidt, Manager, Hume Retirement Resort on 02 6025 8409 for your appointment to visit us and for more information on how this budget can assist you.

2017-06-05T08:22:23+00:00

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