Scenario B (Australian Taxation Law): – Taxpayers at retirement age Inder Muller, aged 58, recently retired from his employment as chief accountant of Moon Light Pty Ltd, after 17 years and 4 months of service. Inder’s wife Belinda, aged 59, is currently running a small newsagency. Inder and Belinda visited you to seek advice on various retirement planning options specified below. Inder and Belinda both are covered by private health insurance. 2) Regarding Inder’s Termination payment & Superannuation Inder currently has superannuation valued at $582,000 with the Suncorp (complying Super fund). The total amount includes the following elements; > Tax free component $25,000 > Element untaxed in the fund $207,000 > Element taxed in the fund $350,000LAW6001 Required Advise Inder what would be the tax consequences of withdrawing his super prior to his retirement age, including all options available to him.
Scenario B (Australian
Inder Muller, aged 58, recently retired from his employment as chief accountant of Moon Light Pty Ltd, after 17 years and 4 months of service. Inder’s wife Belinda, aged 59, is currently running a small newsagency.
Inder and Belinda visited you to seek advice on various retirement planning options specified below. Inder and Belinda both are covered by private health insurance.
2) Regarding Inder’s Termination payment & Superannuation
Inder currently has superannuation valued at $582,000 with the Suncorp (complying Super fund).
The total amount includes the following elements;
> Tax free component $25,000
> Element untaxed in the fund $207,000
> Element taxed in the fund $350,000LAW6001
Required
Advise Inder what would be the tax consequences of withdrawing his super prior to his retirement age, including all options available to him.
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