Tax and super
Superannuation is concessionally taxed. Read how in our information and fact sheets:
Taxation of lump sum benefits from taxed funds#
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Component
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Tax treatment from 1 July 2008
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Total benefit under $200
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0%
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Tax free component:
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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)
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0%
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up to 20%
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0%
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up to 15%
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0%
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# Medicare levy (currently 1.5%) is to be added to rates shown (except a nil rate).
* Threshold for 2009/2010 is $150,000, 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.
Tax on amounts for those permanently departing Australia
Where a superannuation benefit is being paid to someone permanently departing Australia as a Departed Temporary Resident Payment (DASP), the withholding tax rate is:
- 35% for a taxed element of a taxable component
- 45% for an untaxed element of a taxable component
Should you be contributing more to super?
Are you taking full advantage of the tax incentives that apply to superannuation?
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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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