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Question

I am over age 60 why am I getting charged contributions tax?

Answer

The Federal Government's Better Super changes introduced on 1 July 2007 changed the way some superannuation benefits paid either as a lump sum or as an income stream are taxed.

Benefits paid from a taxed superannuation like First State Super are tax free when paid to a member aged 60 or over.

The Federal Government's Better Super changes did not remove tax on contributions paid into a superannuation fund for any age group. Click here to find out the rates of tax that apply to contributions.

For further information please refer to our summary of the Federal Government's Better Super changes to superannuation

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