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.
I retired at 59. Do I pay tax on my superannuation lump sum?
Q: I retired in September 2011. I’m now living on a tiny super pension since then of $640 a fortnight. In September 2011, I also received a $15,000 superannuation lump sum. The tax free component of my total superannuation is [...]
I’m 59 and I have $180,000 in super. Will my super be taxed?
Q: I’ve just turned 59, and I’m thinking of retiring before I turn 60. I would like to know whether I would have to pay tax on my superannuation. I know that after I turn 60, it’s tax-free, so my inquiry is regarding the period till I turn 60.
Pensions: How is the tax on lump sums assessed?
Is it still necessary when commencing an account-based pension particularly for a person under 60 to take the tax free amount out as a lump sum and recontribute it to have it as a tax free component, or is it automatically taken as tax free when assessing the tax on the pension now?
How does my super benefit affect my Age Pension entitlements?
Q: When I retire I will be 61 and my husband will be over 65 and will be eligible for either a full or part old age pension. If I keep my super in an accumulation account and withdraw lump sums to cover additional living expenses, how will this effect my husband’s pension benefits? Is this the best way to maximise our retirement funding?
Turning 55: Taking super, tax and timing
Q: If at 55, I take up to $150,000 out of my super as a lump sum tax free, when I turn 60 will I be able to draw down as a lump sum the rest of my super tax free? For an individual to access preserved super benefits they must satisfy a condition of release…
CGT calculations for SMSFs
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 transfer the house out of the fund?
SMSFs: What is the proportioning rule?
Q: I have come across a statement which refers to a proportioning rule. Could you please explain to me exactly what the proportioning rule is, who it applies to and when it applies, and how you do the calculations for a SMSF?
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.
Super contributions before and after age 65
Q: Firstly, thank you for a wonderful site! I have a three part question. 1. I turn 65 in January 2012 and would like to make a $500,000 contribution by way of off-market share transfers and cash to my SMSF before this ($50K deductible and $450K non-deductible under the bring forward ruling).
Age Pension: Does my superannuation lump sum count for income test?
Q: I’m over 65 and a member of a super fund, from which I receive an account-based pension. I need to withdraw a lump sum of $40,000 from my super, as my super is not enough to live on. I will have to apply for a part pension (Age) from the Centrelink. Will my lump sum be counted as income in the Centrelink income test?
