Can I salary sacrifice my income into superannuation and then draw down from my superannuation?
Answer
First State Super accepts salary sacrifice contributions into non-pension superannuation accounts. Whether you can salary sacrifice your income is subject to your employer’s approval. For information about the Government’s contribution limits click here.
If you have reached your preservation age (age 55 if you were born before 1 July 1960) and do not wish to retire but would like to access your super in the form of income stream payments, you can transfer a minimum of $20,000 from your existing First State Super (non-pension superannuation) account into a First State Super Transition to Retirement Income Stream (TRIS).
You, or your employer, will not be able to make contributions to a TRIS once established. However, you can open or maintain a separate non-pension superannuation account with First State Super for employer contributions including salary sacrifice contributions, personal contributions and rollovers.
For information about tax and income streams click here.
The information on this website contains general information and does not take into account your personal objectives, financial situation or needs. It is important, before deciding whether to become a member of First State Super (or, if you are already a member, to continue your membership) that you consider the First State Super Your Member Guide Product Disclosure Statement having regard to you own situation.
