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.

Super contributions: How much co-contribution will I get?

Q: Where do I go to find a calculator that helps me work out how much co-contribution I will be entitled to, and how much super I need to contribute to get that co-contribution? I am also looking for something that shows the sliding scale for different income levels and different super … [Read more...]

Cashing in on the co-contribution rules (2015/2016 year)

Note: This article explains the co-contribution rules for the 2015/2016 year (and later in the article, also for the 2014/2015, 2013/2014, 2012/2013 and 2011/2012 years).The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super … [Read more...]

Retiring before the age of 60: the tax deal

If you retire before the age of 60, your super benefits are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax.If you’re willing to wait until you turn 60 before you retire, you can … [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...]

Remember! Retirement unlocks your super cash

In the hype and hoopla surrounding the rules relating to super – in particular, tax-free super benefits for over-60s, many of the websites in the super space forget to mention the magic words ‘preservation rules’.The rules surrounding when and how you can access your super have not changed for … [Read more...]

No tax in retirement because you SAPTO (updated rates)

This article is updated annually with new rates, or updated periodically to highlight changes (if any) to the Seniors & Pensioners Tax Offset (SAPTO) rules. This article includes SAPTO rates for the 2015/2016, 2014/2015, 2013/2014, and 2012/2013 years, and SATO rates for the 2011/2012, … [Read more...]

SMSF investment: Can I invest my super money in my own company

Q: Can I set up a self-managed super fund (SMSF) and invest the funds in a company of which I am the sole director? If yes, will the earnings of the super fund be tax free and would my drawings from the fund be tax free? I am 64 years old. Question one: Can you invest your super money in your own … [Read more...]

I’m 58 and I have $230,000 in super. Will my super be taxed?

Q: I’ve just turned 58, 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 until I turn 60. My super money consists of compulsory employer … [Read more...]

SMSF pension payments: A little bit under may be OK

SuperGuide often receives questions from readers asking what happens if they don’t withdraw the minimum pension amount required to be paid each year from their pension account, especially when the underpayment is due to an honest mistake, or due to circumstances beyond their control.Before … [Read more...]