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Speaker 1: The one most important non negotiable superannuation product features that

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Speaker 1: I demand, and this is something you need to know

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Speaker 1: as well. If you are interested in saving tens, if

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Speaker 1: not potentially hundreds of thousands of dollars in tax when

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Speaker 1: you go to retire. Let's break down these in specie

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Speaker 1: transfer services and what they really mean to you. Good morning, everyone,

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Speaker 1: and welcome back to another episode of Sugar Mama's Fireplay

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Speaker 1: where we dive deep into all things fire that is

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Speaker 1: financial independence, early retirement, empowering you to take control of

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Speaker 1: your financial future to date with smart, intelligent, empowered decisions.

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Speaker 1: I am your host's financial plannet Canna Campbell, and today

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Speaker 1: we are exploring a powerful financial strategy and superannuation product

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Speaker 1: feature that could save you thousands of dollars in tax,

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Speaker 1: if not tens or maybe even hundreds of thousands of

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Speaker 1: dollars in tax when you go to retire. And of course,

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Speaker 1: the benefit of that is it helps maximize those retirement

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Speaker 1: savings or as I prefer to say, those retirement investments. Now,

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Speaker 1: this strategy is called an in specie transfer service. It

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Speaker 1: is a supernation product feature that for me, is an

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Speaker 1: absolute non negotiable when it comes to looking at various

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Speaker 1: superinuation accounts. So we're going to break down everything that

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Speaker 1: you need to know and understand about this and decide

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Speaker 1: whether it's applicable or relevant or beneficial to you. Now,

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Speaker 1: as always, all of my content is general in nature

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Speaker 1: and it is never product advice. Please always refer to

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Speaker 1: my general advice warning and of course my financial planning

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Speaker 1: license details in the podcast notes, and as always, consult

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Speaker 1: a financial planner when it comes to wanting personal advice

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Speaker 1: that is tailored to your situation and of course your

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Speaker 1: superannuation needs and goals. So let's get started now, exactly

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Speaker 1: what is an in spec transfer service? Now? I have

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Speaker 1: been talking about this for about ten years since I

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Speaker 1: started my YouTube channel, Sugar Mama TV ten years ago,

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Speaker 1: and it is still as important to date as it

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Speaker 1: was when I first started talking about it. In fact,

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Speaker 1: I'm probably even more passionate about it, so I can't

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Speaker 1: see the potential savings and uplift. This helps people when

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Speaker 1: they know and understand this particular product feature and I

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Speaker 1: guess service. So, an n spec transfer allows you to

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Speaker 1: move assets such as shares ETFs managed funds from one

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Speaker 1: account to another without actually having to physically sell them.

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Speaker 1: Instead of selling those investments and having to convert them

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Speaker 1: into cash, which obviously triggers then capital gains tax and

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Speaker 1: all those lovely transactional costs like brokerage and buy sell

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Speaker 1: swaps and time out of the market. You can actually

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Speaker 1: move your assets from one account to another intact. So

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Speaker 1: what this does is it means that you completely leap

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Speaker 1: frog or avoid legally of triggering capital gains tax and

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Speaker 1: those other fees that I just mentioned. So it basically

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Speaker 1: keeped your investment portfolio, your superannuation portfolio exactly as it is. Now.

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Speaker 1: Why is this so incredibly valuable to your superannuation, Well,

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Speaker 1: when you transition from the accumulation phase, which is the

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Speaker 1: phase that most of us are in right now, which

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Speaker 1: is where you are in the workforce, earning a salary

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Speaker 1: and your employer is contributing the super guarantee amount into

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Speaker 1: your superannuation investment portfolio every quarter or every month or

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Speaker 1: however you're paid. So when you're accumulating your retirement savings

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Speaker 1: during your normal working life, you then go to pension phase,

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Speaker 1: which is the phase that you enter when you go

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Speaker 1: to retire, and that is when you can finally start

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Speaker 1: drawing an income from that investment portfolio within super that

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Speaker 1: you've been building up over the last say forty years

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Speaker 1: of your working life. Now, most superannuation funds, and i'd

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Speaker 1: say probably about ninety five percent of these, actually require

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Speaker 1: you to sell your assets in accumulation phase just before

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Speaker 1: transferring them into your pension phase. Now, this obviously then

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Speaker 1: triggers capital gains tax and significantly reduces your retirement savings.

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Speaker 1: Now I'm going to work for an example with you

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Speaker 1: on this, so keep listening. However, if your superannuation fund

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Speaker 1: offers an in specie transferse service between accumulation phase and

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Speaker 1: their pension phase product, you can actually move your assets

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Speaker 1: directly into that pension count without having to sell them,

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Speaker 1: which means your investments are preserved and allows you obviously

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Speaker 1: to avoid capital gains tax and those other transational costs

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Speaker 1: which obviously erode into the portfolio's value. So let's break

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Speaker 1: it down with an example right now, so it is

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Speaker 1: crystal clear because this is so incredibly important. All right,

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Speaker 1: Let's say that you've got one point three million dollars

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Speaker 1: in superannuation when you've got to retire, and the historical

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Speaker 1: cost base of these investments is say four hundred thousand dollars,

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Speaker 1: and because you've been taking a long term buy and

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Speaker 1: hold investment approach someone to myself, this then means you

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Speaker 1: have nine hundred thousand dollars in capital gains. Normally, when

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Speaker 1: you're moving into pension phase, for those ninety five percent

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Speaker 1: supernuation accounts, you sell that entire investment portfolio that is

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Speaker 1: the one point three and even with the ten percent

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Speaker 1: capital gains discount for holding them, for those assets for

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Speaker 1: over twelve months, you'd still be paying around ninety thousand

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Speaker 1: dollars in capital gains tax on that nine hundred thousand.

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Speaker 1: So basically just gone looked at the accessible gain and

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Speaker 1: just applied a ten basic ten percent capital gains tax

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Speaker 1: on that assuming those assets were held for twelve months.

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Speaker 1: If your assets were held for less than twelve months,

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Speaker 1: that capital gains tax bill could potentially be around about

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Speaker 1: one hundred and thirty five thousand dollars. But if your

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Speaker 1: superinhoition account offers an in specie transfer service from super

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Speaker 1: to pension, you actually avoid that bill and those transactional

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Speaker 1: costs in its entirety. You get to move that full

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Speaker 1: one point three million dollar investment portfolio within your super

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Speaker 1: into pension phase and kickstart your retirement off without having

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Speaker 1: to lose a cent in taxes. Now, my question to

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Speaker 1: you is, if you could legally avoid paying a ninety

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Speaker 1: thousand tax bill at one of the most important financial

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Speaker 1: times of your life, that is entering retirement, why wouldn't you?

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Speaker 1: And you can see why I've said tens of thousands

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Speaker 1: of dollars or if not potentially hundreds of thousands of dollars,

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Speaker 1: because you can see in this very simple example of

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Speaker 1: one point three million dollars in super, which is actually

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Speaker 1: very realistic for most of us, especially when you have smart,

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Speaker 1: intelligent financial decisions behind you, that ninety to one hundred

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Speaker 1: and thirty five thousand dollars in tax savings is huge. Now,

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Speaker 1: why does this matter for pension phase? So another important

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Speaker 1: point for pension phase, which you really need to understand,

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Speaker 1: and this is obviously in today's legislation, is that when

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Speaker 1: you move into pension phase, hopefully with your one point

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Speaker 1: three million dollars or more intact, you haven't had to

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Speaker 1: pay capital gains tax. Knowing this product feature, the earnings

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Speaker 1: on your investments within pension phase under current legislation are

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Speaker 1: tax free. That's right, they become tax free, so you

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Speaker 1: have zero tax on the income and capital gains as

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Speaker 1: long as you stay within the legislated libits. This means

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Speaker 1: that the potential savings are even greater, both from avoiding

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Speaker 1: capital gains tax upfront and from earning a tax free

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Speaker 1: income in retirement. Imagine your one point three million dollars

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Speaker 1: superannuation investment portfolio now generating a tax free income every year,

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Speaker 1: and if you decide, say a year or two into

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Speaker 1: retirement in pension phase, that you decide yes you want

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Speaker 1: to go and sell for whatever reason, as long as

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Speaker 1: you're still in pension phase, there is no capital gains

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Speaker 1: tax to pay from that point on. Now, of course,

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Speaker 1: that is under current legislation, so there are double tax

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Speaker 1: savings potentially from understanding today's episode, from understanding the benefit

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Speaker 1: of an in specie transfer service going from accumlation phase

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Speaker 1: to pension phase, and then understanding the powerful benefits of

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Speaker 1: the tax savings in pension phase. So you can see

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Speaker 1: why this is so incredibly important to know and understand.

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Speaker 1: Taking a pension is powerful, but it will be able

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Speaker 1: to maximize those assets going into pension phase is equally

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Speaker 1: as important. Now Here is the big tip, You've got

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Speaker 1: to find a superannuation account that supports or offers in

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Speaker 1: specie transfers from super to pension phase. So, as I mentioned,

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Speaker 1: not all superannuation funds offer in specie transfer services. I

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Speaker 1: have to say, more do today than what they did

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Speaker 1: when I wrote Mindful Money about six years ago. And

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Speaker 1: this is one of the many reasons why it is

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Speaker 1: so important that you do your research or consult with

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Speaker 1: a financial planner to find the right superannuation account for

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Speaker 1: you that actually does offer that in specie transfer service.

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Speaker 1: I have done a bit of digging around for you

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Speaker 1: and found some more providers that actually offer this in

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Speaker 1: specie transfer service within superin accumulation to pension phase. However,

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Speaker 1: before I share this link with you, I need you

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Speaker 1: to understand that I am not offering product advice here.

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Speaker 1: These are just tools to help you in your research process,

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Speaker 1: to help you get started. Now, what I'm going to

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Speaker 1: do to make this really easy for you is I'm

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Speaker 1: just going to pop a link in the podcast notes

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Speaker 1: that goes directly to my Instagram account where you can

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Speaker 1: see the list of I think five different superannuation providers

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Speaker 1: that offer this, So you can then from that point,

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Speaker 1: go and do your own research and of course read

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Speaker 1: the product disclosure statemens, and go and speak to a

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Speaker 1: financial planner as well as give them a call and

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Speaker 1: ask them your questions yourselves, because you may have other

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Speaker 1: questions beyond the in specie transfer service. Now. I actually

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Speaker 1: had the other day a listener that sent me a

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Speaker 1: DM on Instagram and they asked if seamless transfers meant

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Speaker 1: the same thing as in specie transfers. Now, whilst I

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Speaker 1: wasn't exactly sure of the product they were referring to,

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Speaker 1: to me, this sounds more like a product feature in

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Speaker 1: relation to consolidating your superannuation accounts, not from transferring assets

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Speaker 1: intact from super to pension phase. So I would suspect

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Speaker 1: that this is not the same thing. However, as said,

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Speaker 1: I can't actually see the product that the person was

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Speaker 1: referring to, so always triple check with your superannuation account provider. Now,

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Speaker 1: the other thing you might be thinking, okay, is this

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Speaker 1: is great, this is really helpful, but I don't actually

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Speaker 1: need to worry about this right now. Well stop right there.

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Speaker 1: I'm here to tell you you do. So if you're

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Speaker 1: thinking okay, I can just I'll deal with this later

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Speaker 1: and next year or maybe in the year after, it

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Speaker 1: is deaf not urgent. Okay, let me explain to you

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Speaker 1: why that is not necessarily the case. It is really

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Speaker 1: important that you act on this information sooner rather than later,

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Speaker 1: because if you do, in fact need to and decide

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Speaker 1: that you want to switch to a superannuation fund that

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Speaker 1: allows in specie transfers, you are going to have to

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Speaker 1: sell your assets today and trigger capital gains tax and

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Speaker 1: occur those other transactional costs. But the thing is, the

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Speaker 1: sooner you act, the smaller that capital gains tax is

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Speaker 1: going to be today, because you're going to have less

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Speaker 1: tax to pay. And once you're in the right account,

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Speaker 1: you're generally in the clear. You don't need to move

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Speaker 1: the money again. You're set up for life hopefully. So

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Speaker 1: what I'm trying to say is it's short term pain

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Speaker 1: for long term gain by making these changes. If you

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Speaker 1: need to now, the triggering of capital gains tax will

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Speaker 1: potentially be a lot smaller than if you were to

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Speaker 1: go and do this in three, four, five, six, seven

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Speaker 1: years time, obviously subject to market movements. So that is

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Speaker 1: why I have stuck with the same superannuation account since

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Speaker 1: I was twenty four, and yes, where I have my

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Speaker 1: superannuation is listed in that link that I'm going to

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Speaker 1: provide you in the podcast notes. And I have zero

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Speaker 1: intention of ever changing superannuation accounts unless there's an in

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Speaker 1: specy transfer service available because I most definitely do not

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Speaker 1: want to trigger any capital gains tax of my investment

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Speaker 1: assets within my superannuation account today or when I go

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Speaker 1: to retire. So this is why it is so important

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Speaker 1: to get on top of this now and set this

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Speaker 1: up now, because it really does reduce the costs to

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Speaker 1: you further down track. All right, so let's quickly do

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Speaker 1: a recap of these he benefits of an in specie

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Speaker 1: transfer service. So number one is avoiding capital gains tax

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Speaker 1: when moving your superannuation assets that is, investment assets from

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Speaker 1: accumulation phase to pension phase. Number two preserving your superannuation

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Speaker 1: investment portfolio without those selling and repurchasing expenses. Number three

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Speaker 1: is maximizing the tax free earnings in pension phase because

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Speaker 1: you have more money going into pension phase than you

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Speaker 1: would if you'd had to pay capital gains tax, and

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Speaker 1: of course having a larger amount of money in pension

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Speaker 1: phase as especially as you go into pension phase is

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Speaker 1: going to help mean that your money is going to

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Speaker 1: last a lot longer and work harder for you with

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Speaker 1: those additional tax savings in force. So as you can

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Speaker 1: now see here and understand why I have been so

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Speaker 1: incredibly vocal about this particular superannuation strategy and superannuation product feature,

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Speaker 1: and for some unknown reason, there is very little information

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Speaker 1: out there, however, from doing my own research and speaking

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Speaker 1: to superinneration account providers as to why they don't offer

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Speaker 1: this is because there is a huge expense to these

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Speaker 1: superannuation companies apparently to actually add this product feature in Now. However,

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Speaker 1: the benefit to you by listening to today's episode is

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Speaker 1: that you now know and that you can start your

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Speaker 1: own research process into working out whether this is important

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Speaker 1: to you, whether the tax savings are valuable enough to

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Speaker 1: look at the option of moving superannuation accounts, and that

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Speaker 1: you will enter retirement with absolutely no regrets and feel

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Speaker 1: proud about the decisions you made back five, ten, fifteen,

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Speaker 1: twenty years ago that are benefiting you and the financial

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Speaker 1: harmony that you have in your life as you enter retirement. Now,

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Speaker 1: that is it for today's episode. It is a short

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Speaker 1: but sweet one. And I really hope that you have

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Speaker 1: a much better understanding of what an in specie transfer

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Speaker 1: service is and why this could be invaluable as you

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Speaker 1: prepare for your own retirement. And if you found today's

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Speaker 1: episode helpful, please make sure that you shared this episode

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Speaker 1: with anyone that is serious about maximizing their super planning

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Speaker 1: for retirement and enjoying a long and luxurious one where

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Speaker 1: their money is working efficiently and effectively. And as always,

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Speaker 1: please make sure that you stay tuned for more financially

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Speaker 1: empowering tips, insights, and strategies. Thank you so much for listening, please,

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Speaker 1: and in the meantime, keep that financial fire burning bright within.

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Speaker 1: This is sugar Mamma's fire.