Sep 4, 2023 | Blog, Retirement Income Streams, Superannuation, Superannuation Tax
The level of tax that you are required to pay on pension income depends primarily on your age and the type of pension. Account Based Pensions/ Allocated Pension Paying Tax on Pension Income – Over age 60 All income received from an Account Based or Allocated...
Sep 3, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation
Prior to the significant superannuation reforms ‘simpler super’ in 2007, Allocated Pensions were the most common form of retirement income streams for retirees. Account Based Pensions came into existence as a result of the ‘simpler super’...
Sep 3, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
SMSF pension phase refers to the mode that some or all of your superannuation savings are held in. There are two phases within a self managed superannuation fund (SMSF) (or any superannuation fund for that matter). These two phases are ‘pension phase’ and...
Sep 2, 2023 | Accessing Superannuation, Blog, Centrelink, Retirement Income Streams, Superannuation
If you were born in 1965, you can retire when it is affordable to do so. For most people, retirement becomes affordable when they can access their superannuation. Retirement income can also be supplemented if you become eligible for the Centrelink Age Pension....
Sep 2, 2023 | Blog, SMSF, Superannuation, Superannuation Tax
Pooled vs segregated assets refer to the investment strategy of a self managed superannuation fund (SMSF). A self managed superannuation fund is a specific type of super fund that has fewer than five members. Generally, all members of a SMSF are trustees of the SMSF,...
Sep 2, 2023 | Accessing Superannuation, Blog, Centrelink, Retirement Income Streams, Superannuation
The retirement age for women, based upon the general concept or definition of retirement, is no different between men and women. Therefore, the retirement age for women in Australia is the same as the retirement age for men. I define retirement as the ability to cover...
Sep 2, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation
The Superannuation Preservation Age in Australia gradually increases from age 55 to age 60, depending on when you were born. We are currently in the midst of this gradual increase in superannuation preservation age. The superannuation preservation age signifies the...
Aug 30, 2023 | Blog, Contributing to Super, SMSF, Superannuation, Superannuation Tax
Accumulation phase tax relates to the tax rate levied on earnings and contributions made to a superannuation accumulation account. Accumulation phase tax is paid by the super fund itself and effectively deducted from the relevant member’s balance. The tax rate...
Aug 30, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation, Superannuation Tax
There are two ways that you can access your superannuation at age 60 and still work. One such way involves limited access to your superannuation and the other provides full access to your superannuation. You can, in fact, access your superannuation as soon as you...
Aug 22, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
This article addresses whether you are able to access your superannuation savings at age 55 and still continue to work. It will also explain how much tax might be payable and when you can access your super tax free. You may have heard of people in your workplace or...