Superannuation Q and As

Trish Power (author of Superannuation for Dummies and DIY Super for Dummies) answers readers’ questions on super.

Set out below are all SuperGuide articles explaining Superannuation Q and As.

Retirement and tax: What are the minimum pension payment rules?

Rules

Q: I am 63. I want to retire next year but I am not sure if I want to access my super benefits yet. I have heard that when I retire, I must withdraw some super benefits each year, otherwise I won’t receive tax-free super benefits. Can you please clarify the rules for me? A: You question is really … [Read more...]

Super for beginners, part 8: What happens to my super benefits when I retire?

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Q: I have a superannuation fund accumulating (although I am no longer making super contributions). I am 52 and I intend retiring at age 60. When I do retire can I withdraw the entire super fund as a lump sum and deposit it in to my bank account? What would the tax implications be for taking the … [Read more...]

Turning 60 means tax-free super

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Q: I turned 60 this year and I have been sick since late last year. I can’t get back to work and need to retire. I am wondering if you can tell me what kind of tax I have to pay if I take my super payment. I haven’t been to work since the start of December 2013. I didn’t tell them I was retired … [Read more...]

SMSFs: How do I calculate CGT on an asset sale?

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Q: If I purchased a rental property in my SMSF for say $200,000 five years ago and the house is now valued at $300,000 in the SMSF what will be the capital base for the calculation of future capital gains tax (CGT) if I sell the house? Will it be the original $200,000 or the $300,000? A: I am … [Read more...]

Transition-to-retirement pension: Can I work full-time and what form do I fill in?

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Q: Your website says: “By starting a TRIP, you don’t have to retire to withdraw your super benefits. You can work part-time or full-time or even casually.” But on the TRIP form I have from my super fund it says I have to be permanently retired or be working part time. Which is correct? I can’t see … [Read more...]