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SUPERANNUATION INCOME STREAM AND PENSION TAX RATES

30 JUNE 2016 and 2017

Member benefit – Tax Free component
Personal contributions not claimed as a tax deductions.
Crystallized segment e.g. undeducted contributions, exempt capital gains, etc.

Member benefit – Taxable component – Taxable element
Under preservation age                                  Taxed at marginal rates with no tax offset
Over preservation age but under 60               Taxed at marginal rates with 15% tax offset
Over 60                                                           Tax free

Member benefit – Taxable component – Untaxed element
Under preservation age                                   Taxed at marginal rates with no tax offset
Over preservation age but under 60                Taxed at marginal rates with no tax offset
Over 60                                                            Taxed at marginal rates with a 10% tax offset


SUPERANNUATION INCOME STREAM AND PENSION TAX OFFSET

Member benefit – Taxable component – Taxable element
Under preservation age                                     Nil
Over preservation age but under 60                 15%
Over 60                                                              Tax free

Disability superannuation income stream tax offset
Under preservation age                                     15%
Over preservation age but under 60                  15%
Over 60                                                              Tax free

PRESERVATION AGE
Date of birth Age
< 1 July 1960                                                      55
1 July 1960 – 30 June 1961                               56
1 July 1961 – 30 June 1962                               57
1 July 1962 – 30 June 1963                               58
1 July 1963 – 30 June 1964                               59
> 1 July 1964                                                      60

SUPERANNUATION INCOME STREAM AND ALLOCATED PENSIONS

TAX FREE ALLOCATED PENSIONS

Superannuation funds do not pay tax on the portion of its fund that is part of an income stream or allocated pension.

SUPERANNUATION INCOME STREAM AND ALLOCATED PENSION

MINIMUM % TAX FREE PENSION PAYMENTS

The minimum superannuation pension payments for the year ended 30 June 2017:

AGE
55 - 64                4%
65 - 74                5%
75 – 79               6%
80 – 84               7%
85 – 90               9%
90 – 94             11%
> 95                 14%

 

 

DISCLAIMER
The information provided in the above documents is not intended to be, nor should it be construed as tax advice. Any specific recommendation for a client can only be done after their individual circumstances have been determined by David Douglas Accountants.

We have clients from the following locations:

Brisbane, Albion, New Farm, Teneriffe, Newstead, Windsor, Wilston, Bowen Hills, Wooloowin, Herston, Lutwyche, Hamilton, Eagle Farm, Gordon Park, Fortitude Valley, Clayfield, Ascot, Hendra.

Morayfield, Burpengary, Caboolture, Bellmere, Wamuran, Narangba, North Lakes, Mango Hill, Kallangur, Dakabin, Deception Bay, Bribie Island, Elimbah, Kippa-Ring.

We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and sole traders.

Liability limited by a scheme approved under Professional Standards legislation