 |
 |
 |
 |
 |
 |
 |
 |
 |
SUPERANNUATION INCOME STREAM AND PENSION TAX RATES
30 JUNE 2024
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 2024.
AGE
55 - 64
4%
65 - 74
5%
75 – 79
6%
80 – 84
7%
85 – 90
9%
90 – 94
11%
> 95
14%
DISCLAIMER
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.
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.
Liability limited by a scheme approved under Professional Standards legislation