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 SuperGuide articles explaining Tax-free super.

Guest contributor: Penalising those who saved for future is unfair

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We have received a lot of emails from readers who have expressed their frustration at the unfairness of the proposed pension tax on earnings above $100,000 a year, although a small minority have supported the tax. The common theme for the majority is that many Australians sacrificed and worked … [Read more...]

New tax on superannuation pension earnings: Reader comments

On 5 April 2013, the federal government announced that it intended to introduce a new tax on superannuation pension earnings above $100,000, taking effect from 1 July 2014. You can find the background to this proposed change in our SuperGuide article New tax on pension earnings over $100,000. If … [Read more...]

New tax on pension earnings (30 Q&As)

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Note: This list of Q&As was created on 15 April, and will be updated and extended periodically. We will include the date of any future update in this note. An important consideration when reading these Q&As is that the proposed new tax is not yet law, and probably won’t become law until … [Read more...]

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

Q: Where can I find the spreadsheet where you can calculate how much to put in as a co-contribution, and what the government will pay you in return for that super contribution. In other words the sliding scale of co-contributions. The schedule you refer to can be found at the link here. You … [Read more...]

Superannuation: What’s on the hit list for the 2013 Federal Election?

Superannuation election

Note: STOP PRESS – see related SuperGuide article 2013 Federal Election: new super changes summary (April 2013) for additional federal government superannuation announcements. SuperGuide will keep you regularly updated on the superannuation policies announced by the major political parties, … [Read more...]

New tax on pension earnings over $100,000

New Super Tax

If your superannuation pension earns more than $100,000 a year in earnings then expect to be hit with 15% tax on your pension earnings above $100,000. The threshold applies to each individual rather than to each pension/income stream. In a special media conference, held on 5 April 2013, federal … [Read more...]

Richest Australians to take super hit

Superannuation Axe

Next month’s federal budget will hit the generous superannuation tax breaks received by the very richest Australians. The target will be the highest one to two per cent of earners, with the government arguing that the cutback is necessary to keep superannuation concessions sustainable over the … [Read more...]

Super for beginners: Top 10 must-know facts

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Four years ago, in January 2009, we launched the SuperGuide website, and since that time we have received thousands of questions, from our millions of visitors, on different aspects of superannuation. We try to represent as many questions as possible in the articles we publish, while also ensuring … [Read more...]

Tax-free super for over-60s to stay, promises PM

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In late 2012, the federal government dropped a potential T-bomb (that is, a tax bomb) and fuelled the rumours that tax-free super benefits were to be removed for over-60s. The rumours fizzled out when the government realised it would be political suicide to remove the tax-free status of retirement … [Read more...]

SMSF pension payments: A little bit under is OK

case study

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...]

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

Rules

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: When you retire, you … [Read more...]