Officially old and turned 60 recently, I have investment income outside Super (no formal job) so I contribute voluntary concessional contributions in order to claim a tax deduction on that income earned outside Super.
I could now convert that accumulation account to a pension account and drawdown say $30k per annum tax free and recontribute it to a new accumulation account to claim said $30k as a tax deduction. Gives me more income outside super (cirrently being used to make $30k concessional deductions) to spend on cocaine and hookers or waste it I guess. (I'm so old I remember the George Burns joke, albeit I have mangled it).
Few notes on what I've found out: 4% min draw down needed from age 60-65, 5% min after that and must have an honest to goodness job after 67 in order to have an accumulation account.
Most people seem to use that strategy to avoid super inheritance tax, not sure how that works for that situation, have no dependents anyway and have no insurance in Super becase of that. Have spoken to an advisor at ART Super about the mechanics of it all and will speak to my accountant.
Looking for a sanity check not financual advice per se.
Which is a fair point, my marginal rate is currently 30%