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Superannuation Arrangements and Dividends

May 9th, 2007 at 03:20 am

The cheque for my $34,000 withdrawal of money from my retirement account arrived today. As it was an undeducted, unrestricted, non-preserved component of my super account balance there wasn't any tax deducted and I don't expect it to be subject to any income tax (although the Eligible Termination Payment statement that accompanied the cheque looks like its something that has to be attached to this year's tax return). I emailed the payroll office at work a few days ago to organise a salary sacrifice increase to $1600 per fortnight next financial year, so I'll be using the $34,000 as supplementary income for the next couple of years. For that reason I think I'll just leave it in the high interest online account with my Credit Union (earning 6.10%) and transfer $650 each fortnight into my main Credit Union account where my pay gets deposited.

A dividend payment notice arrived today from David Jones for a fully franked interim dividend of $180, with a $77.14 franking credit.

So far this financial year I've received the following dividends from my Australian share portfolios:
UnFranked Franked Franking Credit TOTAL
FY 06/07 $1,607.90 $10,408.32 $4,460.68 $16,476.90

Enough Wealth

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