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.
This article broadly explains how superannuation is taxed, including when you make contributions, as your super grows, and when you access your super.
Learn the Australian income tax rates for 2019/20 and 2020/21, as well as details on how income tax is calculated, deductions, offsets and levies.
High income earners need to watch they don’t incur an extra 15% tax on their super contributions under the Division 293 rules. Here’s a simple guide to everything you need to know.
Although you can retire and access your super if you’re under age 60, the tax man is going to want his cut, so ensure you understand the rules before acting.
Knowing how much tax you’ll pay when you withdraw your super savings is important and the rules change once you reach age 60.
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.
When it comes to your super benefits, tax is always at the heart of it, whether it’s when you make a contribution, or when you take your money out at the other end.
When you die, the tax man can be pretty quick to put his hand out to take his cut, and this also applies to the balance of your super account.
Non-preserved super benefits can be either unrestricted or restricted. Unrestricted non-preserved benefits are the most common type. You will have these benefits if you are a member of a super fund and have satisfied a condition of release. If you do, you’ll be able to access your super on demand as either a lump sum or a pension.
Capital gains and their potential tax liabilities need to be an important part of investment decision making for an SMSF. Careful consideration and planning of when capital gains, and losses, may be realised can have a significant impact on an SMSF’s balance.