Tax-free super

Tax-free means no tax is payable. In terms of superannuation, anyone aged 60 or over can expect tax-free super benefits (unless you’re a public servant). Even when you’re under the age of 60, you may be able to access tax-free benefits.

Set out below are all SuperGuide articles explaining Tax-free super.

Accessing super early: Terminal illness

Q: I have a terminal illness. Can I access my super benefits now? A: I’m sorry to read about your illness. For the past few years, the superannuation rules now recognise that super benefits can be accessed early under such devastating circumstances. For your information, ‘terminal illness’ for … [Read more...]

Accessing super early: Australian citizen retiring overseas

Q: I’m a Filipino-Australian citizen, 45 years old and working for the past 15 years in Australia. I would like to retire to the Philippines at 60 years of age. At that age, I plan to buy an income stream from my super lump sum. Am I allowed to receive my income stream monthly payment in the … [Read more...]

Accessing super early: Terminally ill receive tax break

Individuals with a terminal medical condition are able to access their super lump sum payments tax-free, regardless of age. A super fund can release super benefits early to a fund member, if the fund member has a terminal medical condition. According to the legislation, a terminal medical … [Read more...]

Should I retire? I’m 59, unemployed and have debt

Q: I’m 59 years of age and in March I lost my job. I have since been trying to find work but due to my age I’m finding it excessively hard. After much discussion with my wife we have decided that the best option would be for me to retire. As she is working and earns a decent wage, I am unable to … [Read more...]

Super for beginners, part 17: Four must-knows about super’s tax rules

Q: I am trying to understand how my super is taxed and it seems that it is taxed at every turn. Can you please explain when, and how, a super benefit is taxed? A: If it were not for tax, superannuation wouldn’t exist. You would simply invest in your own name. Superannuation is taxed at lower … [Read more...]

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

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

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 didn’t tell them I was retired because I kept hoping I’d soon be better. I seem to be … [Read more...]

Tax-free super for over-60s, except for some

If you withdraw your super benefits after you turn 60 years of age, you can expect to pay NO tax on those super benefits, unless you are a member of certain public sector super funds (see summary table at the end of this article). Due to the large number of emails I receive on this topic, I’ll … [Read more...]