When Can I Access My Super Tax Free?

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4 Comments

  1. Greg

    Chris,
    I am looking at retiring shortly.
    Simple question- Are you allowed to have more than one pension income stream?
    Regards Greg.

    Reply
    • Chris Strano

      Hi Greg, yes, you can have as many as you like. Be mindful that they all count towards the same Transfer Balance Cap and Total Superannuation Balance amounts.
      Regards,
      Chris

      Reply
  2. Doug Gregory

    I’m retiring soon, age 61, planning to transfer my super into an Account Based Pension. What are the tax implications on my pension payments from my account if I were to do some casual work. For example, say I worked 30 hours a week for 3 months whilst i’m drawing a pension from my Account Based Pension.

    And does it make a difference if I’m not employed but just contracting for a couple of months

    Reply
    • Chris Strano

      Hi Doug,
      Generally, account based pension payments are tax free over age 60. If you were to work, your employment earnings (or contract income) would simply be assessable income for tax purposes in the same way as if you didn’t have account based pension income. It should not change the tax free status of your pension payments. There is no difference if you are employed or contracting.
      Doug, you are at the prime age to be maximising your super through tax-effective super strategies, especially as you intend on working. I would strongly suggest obtaining financial advice. If you do not have a financial planner, our financial planning firm, Toro Wealth, would be honoured to help.
      Regards,
      Chris

      Reply

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