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QSuper uses tax savings to boost retiree income
QSuper's Transfer Bonus initiative for retirees has collectively bolstered retirement balances of 3,000 members by more than $4.6 million during the past three months thanks to working with the Australian Taxation Office (ATO).
The initiative pays out the individual member's tax savings when they retire and transitions from an accumulation account to an income account.
The tax savings represent money that had been set aside by the fund to pay capital gains tax on the investment assets, but the tax does not need to be paid when the assets are sold in the income account.
QSuper chief executive, Michael Pennisi, said while members should not base their retirement on the bonus, it was a welcome boost as members were adjusting to retirement.
"By working with the Australian Tax Office and developing this industry-first Transfer Bonus we've been able to achieve our mission to deliver real benefits to our members," he said.
"Everyone's Transfer Bonus will be different as the bonus is calculated based on a combination of variable factors including balance size, length of time with QSuper, their investment options and the fund's tax provision over that time."
In the past three months, the average eligible member had received an additional $1,600, with one member receiving $35,000.
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