When you reach 60 and start a retirement income stream you get two dollops of tax-free super.
If you’re aged 60 years or over, any lump sum or income stream benefits you receive from a taxed super fund (90% of all super benefits) are tax-free. Further, fund earnings on assets in pension phase are exempt from tax – taking an income stream means no tax on fund earnings.
In contrast, earnings on assets in accumulation phase are subject to up to 15% earnings tax. If you choose not to draw a pension from your fund and leave your super benefit in accumulation phase indefinitely, then the 15% earning tax applies.
Tax-free super for over-60s
Super for beginners, part 15: Super tax – as easy as 1-2-3
Super for beginners, part 17: Four must-knows about super’s tax rules
SMSFs: Selling a property asset
Super for beginners, part 8: What happens to my super benefits when I retire?
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