Do Pensioners Pay Tax? Your Guide to Tax on Pension Income

[@tvang2]

As usual... Valuable information. I appreciate the time and efforts you put into each video. Thank you and keep up the fantastic work

[@SuperGuyAu]

Cheers Tus, thanks for the feedback. Will do!

[@hungvan1854]

Hi as this topic you’re saying over 60 year old the income pension supplement is tax free? Is there any limit amount of that account to be withdrawn each year Thanks

[@LesterDale_Mel]

Hey Chris, do you have any Vids on Transfer Balance Caps , how they can be utilised, limits, strategies etc ? Thx in advance.. 🙏

[@SuperGuyAu]

Hi Lester, I have an article on it. This may help superguy.com.au/superannuation/super-transfer-balance-cap/

[@david.hewitt]

Great video! My question is when would you even be able to access the pension before the age of 60 given the current access ages?

[@SuperGuyAu]

Thanks David. The preservation age for superannuation has been increasing each year from 55 to 60. The current minimum age for this financial year is 59. Read more here www.superguy.com.au/superannuation/super-preservation-age/ Also, injury or illness may entitle people to access their super sooner.

[@WhySoLoud]

What country is this for? In the U.S. there few if any workplaces that offer pensions, and I've never heard of a Super Balance.

[@BenPearlman]

Super = Superannuation = Australia

[@SuperGuyAu]

This is related to Australia.

[@SuperGuyAu]

Cheers Ben

[@JustJamesDean]

Hi SuperGuy, Say I retire at age 60, with 1.5m in super and 1m share investments outside of super that pays 50k in dividend. Would I be able to transfer bulk of the super balance into a pension account and receive tax free income. At the same time, make 27.5k in concessional contribution (using dividend money) back into accumulation account ?

[@SuperGuyAu]

I can't see an issue with that. You would obviously need to have both an accumulation account and pension account. If you ever consider personal advice, feel free to get in touch with us www.torowealth.com.au

[@JustJamesDean]

@@SuperGuyAu I take it the 1.9m super balance transfer cap still applies? in this case, if I previously move 1.5m into pension account, I can only move further 400k into the accumulation account (inc earnings), which I can later move to pension account.

[@SuperGuyAu]

@@JustJamesDean The transfer balance cap refers only to the amount transferred into pension phase.

[@JustJamesDean]

@@SuperGuyAu I have done more research and yes, I can money more into pension account. Using above example, at age 60, move 1.5m to pension account Continue to make concessional contributions into accumulation account using dividend received from share investments Later, move the money from accumulation account into pension account. Repeat until the balance transfer cap is fully used.

[@nellschannel4860]

Can u do a video on how withdrawing TPD insurance payouts that goes into your super will affect your family tax or disability pension if u withdraw as a lump sum. Will you lose your pension?

[@SuperGuyAu]

Each situation is different. Generally, if you are under Age Pension age, your super accumulation balance is not assessed for Centrelink purposes. If it is a pension income stream, it is. Learn more here www.servicesaustralia.gov.au/income-and-assets-tests-for-disability-support-pension?context=22276 You should speak with an accountant regarding family tax and a financial planner regarding the disability pension and TPD uplift, prior to making any changes.

[@theheartofbrunswickisyourc2696]

Can I ask a question thanks

[@SuperGuyAu]

Sure, shoot

[@theheartofbrunswickisyourc2696]

If Im on a Age Pension plus a top up of super per fortnight and it doesn't exceed $32,000 pa I dont need to put a tax return in every year is this correct?