Born 1956, at aged 59 I retired and withdrew $195,000 which I thought would be tax free. Only trouble was, my ageing brain forgot about a super lump sum I received 5 years ago from another super, commonwealth superannuation scheme. If I'd remembered I would have reduced the amount of the subsequent lump sum.
The consequences:
1 tax on all withdrawals over $195,000 $$$$
2 pushed into high income bracket and have to pay budget repair levy.
What a stuff up!!! If anyone has any ideas to fix this mess up I would be eternally grateful.
