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Tax and super

Superannuation is concessionally taxed. Read how in our information and fact sheets:

Taxation of lump sum benefits from taxed funds#

Component
Tax treatment from 1 July 2008
Total benefit under $200
0%
Tax free component:
 

Contributions made after 1 July 2007 not subject to tax in the fund and the pre 1 July 2007 crystallised segment (eg. pre-July 1983, concessional, post-June 1994 invalidity, capital gains tax exempt, and undeducted contributions components)

0%

 

Taxable component:

 
  • Under preservation age

up to 20%

  • Between preservation age and age 60
 
      • Up to low rate threshold*
 
0% 
      • Over threshold*

 

up to 15%

  • Age 60 and over
 0% 

# Medicare levy (currently 1.5%) is to be added to rates shown (except a nil rate).
* Threshold for 2008/2009 is $145,000, which is indexed to Average Weekly Ordinary Times Earnings in $5,000 amounts. 
 

As of 1 July 2007 there is no tax payable on a lump sum benefit taken, or an income stream payment received, on or after the age of 60.

Should you be contributing more to super?

Are you taking full advantage of the tax incentives that apply to superannuation?

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Provide your tax file number (PDF 100kb). You don’t have to do this, but it may save you tax

 

 

Need some personal advice?

First State Super members have access to low cost financial advice through FSS Financial Planning.

Click here to find out more

 

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