Enjoy Your Super

You’ve worked hard, grown your super and now the time has come to enjoy it.

Enjoy your Super

We’re committed to helping you achieve your retirement goals and enjoy the lifestyle activities that you take pleasure in.

It is important to regularly review your investments and retirement plan.  Our dedicated Financial Planning division have the skills and experience to ensure you are heading in the right direction.

Preservation Age

First things first – to access your super benefits, generally you need to have either reached the age of 65, or retired permanently from the workforce after reaching your preservation age. Depending on your date of birth your preservation age is:

If born before 1 July 1960

If born between 1 July 1960 - 30 June 1961

If born between 1 July 1961 - 30 June 1962

If born between 1 July 1962 - 30 June 1963

If born between 1 July 1963 - 30 June 1964

If born after 1 July 1964

A

Transition to Retirement Pension

Reached your preservation age, but not quite ready to retire?  It is possible for you to keep working while accessing up to 10% of your super benefits each year.  Called a Transition to Retirement Pension, it allows you to supplement your salary whilst maintaining your lifestyle.  We can show you how to use this pension to save tax and boost your super before you retire.

Turning 60

This is an exciting stage as the benefits, paid from your superannuation fund after you turn 60 are tax free.  If you receive a Transition to Retirement Pension, you can reduce your income tax by salary sacrificing your wages, whilst maintaining your cash flow.

Account Based Pension

Finally, the time has come!  When you finally retire, you will be able to access your superannuation savings that you have accumulated.  You can take it all, but remember retirement can last a long time.  An account based pension could be right for you.  Account based pensions provide the following;

N

Flexible payment options which allow you to choose how often and how much you wish to receive

N

Access to your benefits at any time

N

Investment earnings are tax-free

N

There may be opportunities to re-contribute pension payments back into the fund

There is a minimum amount you must withdraw each year but there is no upper limit on how much you can access.

Sit back and relax – you’ve earned it!

Enjoy your Super FAQ's

Will I still be eligible to receive the Age Pension?

To be eligible for the Age Pension you must be 65 years or older and meet the income and assets test.  For more information, please refer to the Human Services website (or give us a call).

Can I take a lump sum from my superannuation fund?

Yes, if you are below aged 60, there may be some tax to pay.

What is a taxable and tax-free component?

Each superannuation interest is made up of a tax-free component and a taxable component. These components are not always constant and can change over time.

The taxable component of a member's super interest is the total value of the member's super interest less the value of the tax-free component.

Contributions that would form part of the taxable component are generally amounts included in the assessable income of the fund. This would include concessional contributions and earnings.

The taxable component of a super benefit may consist of a taxed element and/or an untaxed element, depending on whether the benefit is paid from a taxed or untaxed source. Funds will need to determine these elements before paying any super benefits.

The tax-free component of a member's super interest is the sum of the value of the contributions segment and the crystallised segment.

The contributions segment generally includes all contributions made after 30 June 2007 that have not been, and will not be, included in your fund's assessable income. These are most commonly member contributions where a tax deduction has not been claimed by the member.

Have more questions? Send them to us.

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