Super for beginners, part 8: What happens to my super benefits when I retire?
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 do retire can I withdraw the entire super fund as a lump sum and deposit it in to my Australian bank?
Family tax benefits: do my tax-free super benefits count as income?
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.
Super for beginners, part 17: Four must-knows about super’s tax rules
If it were not for tax, superannuation wouldn’t exist.
Super for beginners, part 16: Tax-free twice
When you reach 60 and start a retirement income stream you get two dollops of tax-free super. If you’re aged 60 years or over, any lump sum or income stream benefits you receive from a taxed super fund (90% of all super benefits) are tax-free.
Changes to co-contribution rules kill salary sacrificing strategy
Q: I understand salary-sacrificed super contributions may be added back in to assessable income for co-contribution purposes. Do you know anything about this? Yes, your understanding is correct. Salary sacrificed contributions count towards the co-contribution income test, and this has [...]
Retirement unlocks your super
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 [...]
Good news: Super pension income excluded from Health Card test
Contrary to pre-Budget announcements, the Government is not proceeding with the measure to include gross tax-free superannuation pension income in the adjusted taxable income test for the Commonwealth Seniors Health Card. The Budget papers use the term ‘gross tax-free superannuation [...]
Turning 60 means tax-free super
Q: I turned 60 this year and I have been sick since late last year, so 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 [...]
