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.

Retirement and tax: What are the minimum pension payment rules?

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Q: I am 63. I want to retire next year but I am not sure if I want to access my super benefits yet. I have heard that when I retire, I must withdraw some super benefits each year, otherwise I won’t receive tax-free super benefits. Can you please clarify the rules for me? A: You question is really … [Read more...]

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

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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

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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 haven’t been to work since the start of December 2013. I didn’t tell them I was retired … [Read more...]

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

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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 number of emails I have received about this topic, I’ll … [Read more...]

SMSFs: How do I calculate CGT on an asset sale?

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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 sell the house? Will it be the original $200,000 or the $300,000? A: I am … [Read more...]

TRIPs: 10 interesting facts about transition-to-retirement pensions

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Note: The general concessional contributions cap is increasing to $30,000 (from $25,000), effective from 1 July 2014. The special $35,000 cap for over-60s will also apply to over-50s from 1 July 2014 (or more specifically, to anyone who is aged 49 years or over on 30 June 2014). An increase in the … [Read more...]