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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.

Superannuation changes: What rules apply for the 2016/2017 year?

Although the newly elected Coalition government has announced significant amendments to Australia’s superannuation rules, many of the big-ticket super policies are not changing, and now, none of the proposed changes will apply for the 2016/2017 year.Apart from the proposed $500,000 lifetime … [Read more...]

CSHC income test: What is untaxed superannuation and taxed super?

Note: This article explains how superannuation pension benefits are counted towards the Commonwealth Seniors Health Card. If you are seeking more detailed information on the CSHC, including whether you’re eligible for a CHSC, see SuperGuide articles Are you eligible for a Commonwealth Seniors Health … [Read more...]

More retirees eligible for Seniors Health Card (CSHC), but harsher income test

Taking effecting from 20 September 2016, the income test thresholds for the Commonwealth Seniors Health Card (CSHC) have increased again, in line with the federal government’s promise to index the thresholds annually.CSHC income thresholds are now indexed annually in line with CPI (inflation). … [Read more...]

Super for Beginners (25 Q&As)

One of SuperGuide’s more popular initiatives has been the development of a ‘Super for Beginners’ section that answers some of the many questions that we receive from those readers who are new to superannuation and new to super’s terminology.The series currently consists of several lead articles, … [Read more...]

Super for beginners: Top 10 must-know facts

Nearly eight years ago, in January 2009, we launched the SuperGuide website, and in March 2009 we published the first monthly SuperGuide newsletter. Since that time we have received thousands of questions, from our millions of visitors, on different aspects of superannuation. We try to represent as … [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 16: Tax-free twice when you retire

Q: I am confused. When I retire and I am over 60 I receive tax-free super benefits. Someone has told me that I also get other tax-free stuff. Can you tell me what that is?In terms of retirement and superannuation, when you reach 60 and start a retirement income stream (super pension) you get two … [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...]

Super for beginners, part 5: Is super my money, or the Government’s money?

Q: I never understood the term ‘superannuation’. Is that our money or government money? If it is our money why can’t we do whatever we want with it? Isn’t it illegal to cut our rights when it comes to this matter?I agree with you that the term ‘superannuation’ is confusing.If you are … [Read more...]

Retiring before the age of 60: the tax deal

If you retire before the age of 60, your super benefit payments 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 … [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 benefit payment, 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, … [Read more...]

Liberals to ban anti-detriment payments from July 2017

On 3 May 2016 (2016 Federal Budget), the Coalition government announced that it intends to abolish the anti-detriment provisions from July 2017.From 1 July 2017, subject to legislation, a super fund will not be able to pay a refund of a member’s lifetime superannuation contributions tax payments … [Read more...]