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. Tax-free super (7) – 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.
The following articles refer to Tax-free super and superannuation.
Q: I am 53 years old. I do not contribute to super and I have never been a saver. I have just paid off my unit. My question is: I earn only $37,000 a year, so I have never had a highly paid job. Is it too late for me [...]
Q: I am an Australian citizen living in the UK and I have an Australian super fund accumulated from 1986-1992 and now growing with investment earnings over time. Additionally, I continue to hold bank accounts in Australia. I am 52 and I intend retiring at age 60. When I [...]
Q: I will be 60 in January 2011. Is the compulsory 4% drawdown from my super pension treated on a pro rata basis for my tax return 2010/2011 year, or can I draw it down after January 2011 rendering my super income after 60, tax-free? Thank you also for [...]
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 [...]
The Federal Government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super fund, and who earns less than $62,000 a year.
Changes to the co-contribution rules, effective from July 2009, mean that anyone considering taking advantage of the co-contribution scheme for the 2009/2010 year needs to dot their ‘i’s and [...]
Q: Apart from a Public Sector PSS Super account, I have a superannuation account with AGEST to which contributions were made solely through salary sacrifice arrangements. I am about to retire from the Public Sector (age 60) and I am able to draw down a lump sum from AGEST which [...]
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 [...]
The most popular question about superannuation and retirement planning is, without doubt: How much money is enough?
A glib response to this question may be: Enough money for what? From the many times, though, that I’ve been asked this question, I know that when most Australians ask it, they really want to discover the answer to: [...]
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? [...]
If it were not for tax, superannuation wouldn’t exist. You would simply invest in your own name. Superannuation is taxed at lower rates to encourage people to lock their money away for retirement.
Here’s the short story on the tax incentives surrounding superannuation. You receive tax incentives on superannuation at four [...]
Q: I understand salary-sacrificed super contributions may be added back in to assessable income for co-contribution purposes from 1 July 2009. Do you know anything about this?
Trish’s response: Yes, your understanding is correct. Salary sacrificed contributions count towards the co-contribution income test from the 2009/2010 year.
What this change means is [...]
In the hype and hoopla surrounding the latest super changes – primarily tax-free super benefits for over-60s, many of the promoters in the marketplace forget to mention the magic words “preservation rules”.
The rules surrounding accessing your super have not changed. You cannot access your preserved super benefits unless you satisfy [...]
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more