Suggestions

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Generic account

Creation of a generic account with basic controllable parameters, allowing scenarios that are not covered by the predefined accounts. The controls would be as follows:

  • Choosing whether capital gains and dividends are taxed
  • Choosing whether distributions from the funds are tax-exempt
  • When connecting a cash-flow priority to the account: choosing for each of employee contribution and employer contribution if they are pre or post tax.

Including all the existing settings such as early withdrawal penalties, fees, growth, tax-free withdrawals etc.

4 votes

Tagged as Suggestion

Suggested 26 January 2022 by user Nadav

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  • 26 January 2022 Nadav suggested this task

  • 26 January 2022 Kyle Nolan approved this task

  • avatar
    Torry

    This will be very useful to simulate tax scenarios not covered by the existing pre-defined accounts. 2 scenarios that I would find useful for this is:

    Example 1: Business accounts Often equity can build up in business accounts, and tax is not triggered until the business pays it’s equity as salary or dividends. An ‘Tax on withdrawal’ option would cover that.

    Example 2: Account types from other countries In Norway, the most common securities account type (ASK) aren’t taxed on withdrawals until after all the contributed amount have been withdrawn.

    23 June 2023