Australian income tax brackets and rates (2023-24 and 2024-25)
Now that the stage 3 tax cuts are law, most Australians will receive a tax cut in 2024-25. Until then, existing income tax rates and thresholds apply.
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Now that the stage 3 tax cuts are law, most Australians will receive a tax cut in 2024-25. Until then, existing income tax rates and thresholds apply.
Making a tax-deductible super contribution can be a great way to boost your retirement savings. Find out whether they could be the right strategy for you.
The federal government has released draft legislation for its controversial new tax on super balances above $3 million, clarifying some issues but retaining the substance of its original plan.
Q: Assuming a member turns 59 on the 9th of May 2023, and sets up a full pension fund to commence from 1 July this year (2023) shortly, when that member withdraws the lump sum before the 9th of May 2024 (next year), aged then 60, is the lump sum subject to tax or not?
If you’re eligible and thinking about tapping into your super before you turn 60, it’s worth checking the tax implications first. In some cases, you may be better holding off for a while.
Super is a very tax-effective vehicle for your retirement savings, but no-one said the taxation of super was simple. Here’s a quick overview of what you pay and when.
Your beneficiaries could end up paying more tax than necessary when they receive your superannuation death benefit if you don’t learn the rules that apply.
Once you turn 60 and start withdrawing your super, the tax advantages of the super system come into play.
High-income earners pay extra tax on their concessional super contributions, so it’s important to understand the rules.
All super funds pay the same tax rate, but there are differences in the ability of SMSFs and large super funds to manage their tax liabilities for the benefit of members.
Our income tax calculator will show you what offsets you may be eligible for, as well as your marginal tax rate and how much income tax you effectively pay.
As my SMSF balance is about double the TBC how does proportioning of the income work in the portions that are separated into Pension phase and Accumulation phase? I am over 60. If I made a lump sum withdrawal from the accumulation portion does re-proportioning take place?
Sally manages her own SMSF of which she is the only member. The fund is in accumulation phase and is made up of 1/3 tax-free component and 2/3 taxable component.
Before withdrawing your super, it’s important to understand the proportioning rule and how it will impact the amount of tax you will pay on your super savings.
Your pot of retirement savings in super may actually be divided into several smaller pots, some of which can be withdrawn sooner than others.
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