Superannuation
What tax do I pay when I withdraw money from superannuation?
Age or circumstance |
Taxable component |
Tax-free component |
|---|---|---|
Total benefit under $200 |
Tax free |
Tax free |
Under your preservation age |
Taxed at 20% plus Medicare levy |
Tax free |
Your preservation up to age 59 |
Tax free up to the low rate threshold of $150,000* |
Tax free |
Age 60+ |
All benefits from a taxed fund such as First State Super are tax free |
|
* The Federal Government has indexed the amount of the low rate threshold to Average Weekly Ordinary Time Earnings (AWOTE), but indexation will only take effect when the increase is greater than $5,000. The indexation is rounded down to the nearest $5,000 so that the threshold will be increased in the year when the sum of the increments is in excess of $5,000.
You can find more information about tax and super by visiting First State Super’s website.