Is super pension income considered ‘assessable income’ or ‘total income’?
Q: Can you clarify whether income from a pension (from a taxed and/or untaxed super fund) is considered ‘assessable income’ and/or part of ‘total income’? Is it considered self employment income or employer income?
I’m under 60. Does my super payout also affect my other income, and tax bill?
Q: I turn 55 soon and I am eligible for a super payout of $150,554 next month of which only the $554 is taxable at 16%. However I still intend to keep working and wondered how this will affect the tax payable on my super.
Capital gains: Reducing tax via super contributions
Q: I have a self-managed super fund (SMSF) and I also have two investment properties in my personal name. When I sell the properties, I will be required to pay capital gains tax.
Tax on super payout
An individual can only access super benefits if they reach preservation age (currently 55) AND retire. If they don’t fall into this category then they must satisfy another condition of release to access super benefits.
Tax-deductible contributions: Meeting the 10% income test
Q: Prior to 1 July 2009, the income test that was applied to the Government’s co-contribution scheme was identical to the income test applied in respect of tax deductible (member) contributions.
Changes to co-contribution rules kill salary sacrificing strategy
Q: I understand salary-sacrificed super contributions may be added back in to assessable income for co-contribution purposes. Do you know anything about this? Yes, your understanding is correct. Salary sacrificed contributions count towards the co-contribution income test, and this has [...]
