Could you please tell me how the Federal Government’s 1 July 2007 changes to tax and super will affect super payments for people over age 60?
Answer
The Federal Government’s 1 July 2007 changes to superannuation state that in taxed accumulation superannuation funds like First State Super, superannuation benefits paid either as a lump sum or as an income stream, are tax free when paid to a member aged 60 or over. Reasonable benefit limits (RBLs) for superannuation were also abolished from 1 July 2007. For more information click here.
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