Ling has owned a business importing spices since 2000. They are now 67 years of age, and
Ling has owned a business importing spices since 2000. They are now 67 years of age, and have sold the business in order to retire. The sale price for the business as a going concern was $2.5 m, and there are no liabilities. In addition to stock and plant, the assets sold include:
Ling has a superannuation fund with a balance of $900,000 and has asked how to boost the balance of that fund.
Mel and Chris are both aged 62 and they have decided to relocate to a coastal town where they can lead a more relaxed lifestyle. They sell their home, where they have lived for the last 15 years, for $1.8m and purchase a luxury penthouse for $900,000. They have access to non-superannuation funds of $600,000.
They ask you how they can top up their superannuation from the funds from the sale of their residence. Mel has $500,000 and Chris currently has $1.4m in superannuation.
Cass and Jay are planning to purchase a home. They have both been making additional contributions to their superannuation over the last few years to help with the purchase. Based on the following details, how much can they withdraw through the FSSS?