Does my superannuation pension income affect tax payable on other income?
Q: How does the income from an account-based pension affect taxation payable on other income received from salaries, dividends, capital gains and investments? Or, is there no affect whatsoever regardless of the amount of pension taken in any one year [...]
For your convenience: Income tax rates for the 2011/2012 year
Super is a concessionally taxed investment vehicle, which means the rate of tax that you pay on your personal income generally influences any decision that you make regarding your super savings. For your convenience we have included the latest income tax rates.
No tax in retirement because you SATO
The superannuation tax rules are not the only tax benefits that you can take advantage of in retirement. If you are aged 60 or over, your superannuation benefit from a taxed source is not included as part of your assessable income. Most Australians receive super benefits from a taxed source, unless you’re a member of one of the older public sector super funds.
Income tax rates for 2011/2012 and 2012/2013 years
In July 2011, the federal government announced the introduction of a carbon tax on Australia’s biggest polluting companies. According to the government, more than half of the revenue raised from the carbon tax will be redirected to Australians in the form of tax cuts and a Clean Energy Supplement.
Tax-free super for over-60s
If you’re aged 60 and retired, you can receive your superannuation benefits tax-free — as a lump sum or as an income stream (regular payments over a period of time). It sounds incredible but it is certainly true. You can enjoy a tax-free income in retirement assuming you have sufficient super savings to deliver you that regular income in retirement.
SATO: Cutting seniors tax via super contributions no longer possible
Q: I am attempting to work out when the 30% tax rate applies to both my wife and my own incomes for the 2010/2011 year. We are both 67 and operate a SMSF to which we can make concessional contributions, and I would like to reduce personal income to the point below which 30% tax rate applies.
Federal Budget 2010: Psst! The Government is giving away hundreds of dollars, but there’s a catch
Writing about tax returns is not strictly a topic for a superannuation website, but since the Federal Government released all the exciting super stuff the week before the Federal Budget, I have time to explain some of the other wealth-creating policies announced by the Government.
