For many Aussies, superannuation is quietly working away in the background and doesn't take up too much thought. But there are ways to take more control of your retirement preparation by contributing or withdrawing from your fund at different times.
Before you make contributions or withdrawals, it's important to understand how superannuation is taxed.
Super may be taxed at three points in its life. When you make:
However, the tax you pay on your super contributions and withdrawals depends on factors like how much you have in your super and your age.
The money an employer pays directly into your super account is taxed at 15%. This is also the case for salary-sacrificed contributions (also known as concessional contributions).
According to ASIC's MoneySmart website, there are some exceptions to this rule:
If you make contributions from your after-tax income (non-concessional contributions), you don't pay any contributions tax.
According to research, many Australians are unaware you can save on tax by adding money to superannuation.
Earnings on investments within your super fund are taxed at 15%. This includes interest and dividends, less any tax deductions or credits.
Withdrawals can be made as a lump sum or as a super income stream.
Super income stream — This is when you withdraw your money as small regular payments over a long period of time.
If you're aged 60 or over, this income is usually tax-free. However, if you're under 60, you may pay tax on your super income stream.
More information on retirement income tax can be found here.
Lump sum withdrawal — This is an amount of money paid all at once, as opposed to being paid in regular installments.
According to MoneySmart, If you're aged 60 or over and withdraw a lump sum:
If you're under age 60 and withdraw a lump sum:
If you have not yet reached your preservation age:
But, for more specific information, visit the Australian Taxation Office (ATO) website or speak to a financial adviser.
Because everyone's situation is different, it can be helpful to get advice about tax matters.
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