Need Advice?
Rest Advice is here to help you make the most of your retirement. Find out if a TTR account is right for you. Call us on 1300 183 361.
Case Study 1: Jerry increases his super savings with a TTR
Existing | With a Rest Pension TTR account | |
---|---|---|
Salary | $60,000 | $60,000 |
Less Salary Sacrifice | - | $19,300 |
TTR Income | - | $12,920 |
Taxable Income | $60,000 | $40,700 |
Tax | $11,047 | $4,775 |
Medicare Levy | $1,200 | $814 |
Tax Offsets* | $1,180 | $922 |
Total Tax | $11,067 | $4,667 |
Net income Received | $48,933 | $48,954 |
Existing | With a Rest Pension TTR account | |
---|---|---|
Super | ||
Super starting balance | $175,000 | $5,000 |
Super Guarantee | $5,700 | $5,700 |
Salary Sacrifice | - | $19,300 |
Earnings | $8,509 | $704 |
Less Contributions and Earnings tax | $1,536 | $3,806 |
TTR | ||
TTR Start Balance | - | $170,000 |
Income Draw Down | - | $12,920 |
Earnings from TTR (net of tax) | - | $7,250 |
Total End Balance (Super + TTR) | $187,673 | $191,228 |
Case study 2: Elaine cuts work hours and maintains her income with a TTR
Option 1 - Current situation | Option 2 - Cut back hours to four days | Option 3 - Cut back hours to four days and start Rest Pension TTR account | |
---|---|---|---|
Salary | $50,000 | $40,000 | $40,000 |
TTR payment | - | - | $7,000 |
Total Income | $50,000 | $40,000 | $47,000 |
Taxable Income | $50,000 | $40,000 | $40,000 |
Less Tax (total tax liability)* | $7,467 | $4,467 | $4,467 |
Net Income | $42,533 | $35,533 | $42,533 |
Super Balance after 5 years | $211,242 | $206,323 | $167,232 |
Date of birth | Preservation age | |
---|---|---|
Before 1 July 1960 | 55 | |
1 July 1960 - 30 June 1961 | 56 | |
1 July 1961 - 30 June 1962 | 57 | |
1 July 1962 - 30 June 1963 | 58 | |
1 July 1963 - 30 June 1964 | 59 | |
From 1 July 1964 | 60 |