your total super amount<\/p>\n<\/li>\n
your age<\/p>\n<\/li>\n
the type of contribution or withdrawal you make<\/p>\n<\/li>\n<\/ul>\n
If you inherit someone’s super after they die, the person’s super fund pays you a super death benefit. You may have to pay tax on some of this benefit.<\/p>\n
Because everyone’s situation is different, it’s always best to get advice about tax matters. Contact the\u00a0Australian Taxation Office (ATO)<\/a>\u00a0or call us on |PHONE|.\u00a0<\/p>\n Money paid into your super account by your employer is taxed at 15%. So are salary-sacrificed contributions, also known as concessional contributions .<\/p>\n There are some exceptions to this rule:<\/p>\n If you earn $37,000 or less, the tax is paid back into your super account through the\u00a0low-income super tax offset (LISTO)<\/a>\u00a0.<\/p>\n<\/li>\n If your income and super contributions combined are more than $250,000, you pay Division 293 tax , an extra 15%.<\/p>\n<\/li>\n<\/ul>\n If you make contributions from your after-tax income \u2014 known as non- concessional contributions –\u00a0you don’t pay any contributions tax.<\/p>\n See\u00a0tax on contributions<\/a>\u00a0on the ATO website for more information about how much tax you’ll pay on super contributions.<\/p>\n To avoid paying extra tax on your super, make sure you give your super fund your tax file number<\/p>\n The amount of tax you pay depends on whether you withdraw your super as:<\/p>\n a super income stream, or<\/p>\n<\/li>\n a lump sum<\/p>\n<\/li>\n<\/ul>\n Everyone’s financial situation is unique, especially when it comes to tax. Make an informed decision. We recommend you get\u00a0financial advice<\/a>\u00a0before you decide to withdraw your super.<\/p>\n A super income stream is when you withdraw your money as small regular payments over a long period of time.<\/p>\n If you’re aged 60 or over, this income is usually tax-free.<\/p>\n If you’re under 60, you may pay tax on your super income stream.<\/p>\n See\u00a0retirement income tax<\/a>.<\/p>\n If you’re aged 60 or over and withdraw a lump sum:<\/p>\n You don’t pay any tax when you withdraw from a taxed super fund.<\/p>\n<\/li>\n You may pay tax if you withdraw from an untaxed super fund, such as a public sector fund.<\/p>\n<\/li>\n<\/ul>\n If you’re under age 60 and withdraw a lump sum:<\/p>\n You don’t pay tax if you withdraw up to the ‘low rate threshold’, currently $205,000.<\/p>\n<\/li>\n If you withdraw an amount above the low rate threshold, you pay 17% tax (including the Medicare levy) or your marginal tax rate, whichever is lower.<\/p>\n<\/li>\n<\/ul>\n If you have not yet reached your preservation age You pay 22% (including the Medicare levy) or your marginal tax rate, whichever is lower.<\/p>\n See the\u00a0super lump sum tax table<\/a>\u00a0on the ATO website for more detailed information.<\/p>\n When someone dies, their super is usually paid to their beneficiary .This is called a super death benefit.<\/p>\n If you’re a beneficiary, the amount of tax you pay on a death benefit depends on:<\/p>\n the tax-free and taxable components of the super<\/p>\n<\/li>\n whether you’re a dependent for tax purposes<\/p>\n<\/li>\n whether you take the benefit as an income stream or a lump sum<\/p>\n<\/li>\n<\/ul>\n![\"\"](\"\/uploaded\/level\/moreimages\/2020_images\/amp-tax-oct.jpg\")
<\/p>\nHow super contributions are taxed<\/h3>\n
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\u00a0How super withdrawals are taxed<\/span><\/h3>\n<\/p><\/div>\n
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Super income stream<\/h3>\n
Lump sum withdrawals<\/h3>\n
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When someone dies<\/h2>\n
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