There is an increasing focus among Australians on gifting wealth to the next generation, particularly as getting on the housing ladder becomes ever more challenging for the younger generation and as changes such as the Division 296 tax impact superannuation balances over $3 million. Clients whose own retirements are secure are initiating earlier conversations about passing on wealth, in part to avoid new taxes on unrealised super gains. Options for gifting include direct cash transfers, contributing to the recipient’s superannuation, or timing gifts around significant life milestones such as weddings or the birth of a child.
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Rob Gilmour is the Managing Principal of Wealth Simplicity. The information provided should not be considered personal financial advice as it is intended to provide general advice only. The content has been prepared without taking into account your personal objectives, financial situations or needs. You should seek personal financial advice before making any financial or investment decisions.