Superannuation Tax Changes at Age 60: What You Need To Know [Australia]

Learn everything you need to know about tax on super after age 60, ensuring you don’t pay any unnecessary taxes. Plus, bonus tips on strategies designed to reduce tax.
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► When Can You Access Your Super: bit.ly/3htrlIC
► Should You Withdraw Super to Pay Debt: bit.ly/3hbtr0V
► When Can You Access Your Super Tax Free: bit.ly/3h95JCh
► How Much Super Do You Need to Retire At 60: bit.ly/3dzy1E1
- Related Content -
► TRANSITION TO RETIREMENT STRATEGY • Transition to Retireme...
► CARRY-FORWARD CONCESSIONAL CONTRIBUTIONS
superguy.com.au/superannuatio...
⏱ Timestamps
00:00 - Superannuation Tax Changes at Age 60
01:00 - Types of Taxes
01:48 - Contributions Tax
02:51 - Tax on Pension Payments
05:03 - Tax on Lump Sum Super Withdrawals
05:41 - Tax on Superannuation Investment Earnings
08:08 - Tip 1: Carry-Forward Concessional Contributions
09:07 - Tip 2: TTR Strategy
😍 Like this video? Please hit the thumbs up button👍 and leave us a comment below. ⏬
-- Superannuation Taxes After Age 60 Explained --
Understanding superannuation taxes, including how and when they apply, can be difficult. If you’re 60 or over, there’s a good chance you’re paying more tax than you should be.
Once you attain age 60, there are a few ways that tax on superannuation changes and ways that you can utilise the tax rules to your advantage.
This video covers the four main types of taxes applying to people in their 60s and how reaching age 60 affects such taxes. The types of taxes we’ll be covering include contributions tax, tax on pension payments, tax on lump sum withdrawals and investment earnings tax.
After that, I’ll be showing you how carry-forward unused contributions, as well as a transition to retirement strategy can provide you with huge tax benefits.
#SuperGuy #ChrisStrano #Superannuation #RetirementPlanning
DISCLAIMER: This SuperGuy KZbin channel includes general information only. It is not personal advice as it does not take your specific needs or circumstances into consideration. Therefore, you should look at your own financial position, objectives and requirements and seek personal financial advice before making any financial decisions. General advice is provided by Toro Wealth Pty Ltd trading as SuperGuy Retirement Experts as an Authorised Representative of Core Value FA Pty Ltd (AFSL 480387). All figures, rates, dates, caps and thresholds relating to this video were correct at the date of upload, but may have since changed. Read the full disclaimer prior to watching this video: www.superguy.com.au/general-ad...

[@davecoutts2872]

Why is the superannuation so complicated in Australia, it is almost like the government wants to try and trip you up to get more tax from you.

[@blueskies5588]

Yes. There’s always an ulterior motive

[@GordonLawrence-mx5dk]

Exactly!

[@GordonLawrence-mx5dk]

It’s like everything here in Australia 🇦🇺 we are penalised and dictated to by our government Wonder why everyone in this country is disgruntled and totally unhappy with our system we have

[@NathanEllery]

There always needs to be loopholes for the favoured.

[@bobbrian6526]

not all that complicated really.

[@mce_AU]

Very clear thanks for posting.

[@Michael_Mears]

Thanks, Chris. Good info once again.

[@mymatemartin]

Very clear and informative. Thanks mate.

[@keithgaffaney8061]

Mate great information. Thankyou! I will be in touch.

[@shackworks]

Well explained. Thanks

[@peterhones3594]

Great advice thanks buddy

[@boreerocks]

Thanks for this Chris. I've been looking for exactly this information, but have struggled to find it concisely in one place. Much appreciated.

[@mazzicana]

Very useful, thanks

[@pskham]

Love your presentation.. awesome!

[@musicalbirds2928]

Great video. Thanks for sharing.

[@Kev_Cochrane]

Great info as always

[@kathiewebster1850]

you explain everything so clearing to understand thanks Chris

[@SuperGuyAu]

Glad to help!

[@billbrown1255]

Great tips! Subscribed. Just happen to be turning 60 in a few months and this popped up, awesome!

[@bernienebenfuhr8773]

Excellent summary Chris with critical information for the 60 and overs!

[@audioandscifibooks3170]

Nice job explaining it.

[@tanqr_rusher5371]

Timely video thanks Chris nearing 60

[@magicmanj32]

food for thought, thanks, subscribed

[@SuperGuyAu]

You're welcome. Thank you!

[@johnbullivant1264]

Great video,thank you, I’d like to see one explaining how your super income effects your age pension, thanks again 😊

[@michelereid]

It’s stressful knowing how much tax we face in Australia. However after a recent trip to SE Asia where the footpaths were unwalkable & broken, no adequate ambulance service or garbage/sanitary services……I’m happy to pay tax. The average Aussie has a fantastic quality of life, I wouldn’t trade.

[@SuperGuyAu]

Good perspective! Thanks for the comment.

[@666dualsport]

comparing us to a 3rd world country--- we are a 3rd world country

[@BillysFingers]

This is really helpful thanks!

[@SuperGuyAu]

No problem!

[@TheNotedHero]

Very useful, thanks!

[@SuperGuyAu]

Glad it was helpful!

[@LiveFreeOz]

Great job. Thankyou 👍

[@SuperGuyAu]

You're welcome! Thanks for watching and commenting.

[@redruby5689]

❤ Great tips. Thank you Super Guy.

[@SuperGuyAu]

You're welcome! Glad they are of value.

[@kachdragonfly]

thanks for this. it is sad that we are taxed, ie punished, for saving, because our earnings, which have already been taxed, and bloody taxed again.

[@peterfan8650]

It's not taxed again - employer contributions going in are taxed going in at 15%, personal contributuons are taxed only if you claim a tax deduction. Earnings on your Super is Taxed at 15% but this is only on new money not exisiting. After age 60 it's tax free for the majority of Australians (there are a few minor exeptions, normally gorvenment fund who have not been taxed previously).

[@sydneyshinshi]

So good info. Thank you.

[@SuperGuyAu]

You're welcome!

[@Jacques2you]

Thanks Chris Could you also please cover what a Condition of Release rule means when reaching the Preservation Age for those under age 60 and for those who are age 60 plus when accessing their funds. This wasn’t covered and was a bit misleading!

[@peterfan8650]

Your explanation is very good & to the point. It still surprises me in the comment section how many people still get it wrong. Imagine if there was no Superannuation Scheme & everyone would have to rely on themselves for their own retirement funds - most of us would not save anything at all, plus the Governement is giving us Tax incentives to do so. Yet people still complain.

[@db7084]

You do realise the government brought in the Super Scheme so people pay for their own retirement instead of the government paying them the aged pension? An aged pension they contributed to by paying taxes their entire working life... yet there was no reduction in those taxes being paid. And then to add insult to injury, they then want to tax your retirement money as well. Government: "We don't want to pay an aged pension for you in your retirement any more, even though that's one of the reasons you paid the taxes you did for your entire working life, so here's the Super Scheme (that you'll pay for)! But we'll keep taking the money you pay in taxes that was meant to cover that anyway, thanks. Oh, you have your own money for your retirement now? I'll have some of that, too, thanks!"

[@CharlesJHin]

Great video. I'd be interested in what happens to super when you move to another country.

[@th29inchbgyellowtaxi]

Very helpful. Thank you. We are indeed blessed in Australia with work, wealth and security.

[@davidridland]

Well not anymore thanks to albo and his circle of idiots

[@TheMowogman]

Good advice. I am going to take that 5 Previous years thing and look into it. I most likely only have one year left before I retire.

[@SuperGuyAu]

Good thinking

[@marcharris8216]

Great, so I work for 50 years paying 1 third of my wage in tax each week and then they screw me again at retirement.?

[@hiwall4883]

I agree, it sucks. They already get contributions tax on top of our income tax each month while we are working, then they want to charge us again at the end of our career when we withdraw !

[@Ride_on54]

Of course this is the Australian Government bunch of 🤡s

[@frederickgent1918]

That is correct I stopped working 3 years ago because of a medical condition and drew all of my super and was taxed 22 % plus.1.5% Medicare, screwed me completely

[@julianelischer6961]

​@@frederickgent1918 you think you got it bad, As. a dual US/AUS citizen the USA insists they can tax my super at full rate because as far as they are concerned it is just an invesment account.

[@frederickgent1918]

@@julianelischer6961 that is just so wrong 🤨

[@earthb67]

Worked in the Super industry (software side) for years and understood the 'business rules' around all this, but this explanation is the best I have seen that breaks it down and makes it understandable.

[@SuperGuyAu]

Thanks!

[@CarolCampbell-du3gn]

Terrific information as usual, thanks Chris. I have recently sold my Sydney home and bought cheaper in the regions. I was pleased to see your tip on carrying forward concessional contributions as this is a great way to move cash from banks to gain tax advantage in Super.

[@SuperGuyAu]

You’re welcome! Glad it was helpful.

[@danielgraham3447]

Excellent video, a lot of useful information.

[@SuperGuyAu]

Glad it was helpful!

[@billk9856]

I'm about to turn 64 and have been thinking about what happens if I was to die. I have my two adult children nominated to share my super after I die. However I didn't realise that if I die and they get my super they have to pay tax on those amounts. If I withdraw my super when I'm alive and pass the money on they receive it tax free. Seems crazy to me the scenarios are treated so differently. I've read about things you can put in place to stop that but they seem just so contrived. Can you do a video on this issue?

[@gerrym75]

Look at creating a testamentary trust within your will and make your children beneficiaries of that. This way they are less impacted by tax, and are also protected by the trust in other ways.

[@brendanmichaelwelsh6260]

I didn't have to pay income tax on my Fathers super when he passed. but the ATO comes come with their hand out for 15% + Medicare levy. Anyone that says there isn't a death tax is lying to you.

[@peterfan8650]

Dependent on how much you have in your Super Pension and how it impacts Centrelink Payments - there comes a point where it makes no difference on tax or centrelink whether it is in Super or not, then it would make sense to pull out your Super so it doesn't affect your kids on your death. Most Super Pensions invest into managed funds - you can do the same outside Super. You would also have higher earnings as the fees tend to be lower outside of Super. There also isn't a min pension payment and you can keep you funds invested if you want.

[@deemad2180]

Yep i timed my carry foward contributions during COVID. Dumped all in super at the bottom

[@vanessawoo6980]

Would it be worth salary sacrificing and moving funds into TTR to pay off an investment loan?

[@paulchristian8]

Hey everyone, I'm new to retirement pension and looking for advice. Any tips?

[@stepkycopky9354]

And for all of these deceitful taxes, I HATE POLITICIANS. THEY ARE THIEVES….

[@davidewhite69]

and guess which sector of the community has the most generous superannuation scheme, yes that is right, politicians

[@Enthusiasmisgood]

Assuming you’ve never used taxpayer funded things: roads, schools, hospitals, police…

[@gary122]

The government can just print money! Taxes are just to keep us poor as well as money printing and inflation

[@einfelder8262]

It's a shame you are allowed to vote.

[@gooble69]

@@Enthusiasmisgood "Assuming you’ve never used..." So if a thief steals your money then throws you a slice of bread in return that suddenly makes it ok?

[@dadoftwinsau]

Good info as always Chris! Do you have any info on reducing CGT on an investment property before retiring Vs keeping it as a passive income stream (especially if the house was purchased post 1985 for $100k and now valued at $1.2M? We’re 5 years away from retirement and salary sacrificing like crazy to top up before we TTR. ✌🏻 Cheers!

[@kayelouise13]

I would love some information on this too😊

[@johnesmer5635]

All sounds so simple

[@man8god]

can you do a video about the triple change on July 1? SG goes up 0.5% tax cuts kick in giving a net pay rise the super limit goes up to 30k p.a. will be interesting to see what happens to net pay if salary sacrifice goes from 27.5k to 30k given the extra SG and tax cut

[@iamkanga]

Another fantastic clear explanation. Thank you, Chris I just have a quick question. Am I able to use the capital gains from a property that I'm selling to invest into my superannuation fund? I'm aware of the 5-year going back on concessional contributions and the 3-year bring forward rule on the non-conceptional and would like to take advantage of that.

[@lynettejwhite]

Are you over 55 and owned the property for more than 10 years? I believe there is a special case for that scenario that allows you to contribute to $300k of the house sale proceeds. Look it up.

[@iamkanga]

@@lynettejwhite yeah thanks for that. I've done a lot of looking up and that's why I'm asking here. I'm looking for a clear answer. But to be quiet, honest, I don't think your question about age and how long you been on the property for is relevant. I may be wrong but I've not seen things like that as part of my research.

[@lynettejwhite]

@@iamkanga Well since YT won't allow me to post a link, you'll have to google "Super downsizer contributions' to understand what I mean.

[@iamkanga]

@@lynettejwhite Thanks but downsizer contributions are directly related to the sale of your principal place of residence. I would not be subject to capital gains tax on my principal place of residence. But I'm happy to have you clarify if I'm missing something.

[@banyantree8618]

Under the TTR approach - is the salary sacrifice limited to the max annual concessional contribution cap or is there a different cap applied.

[@davidewhite69]

I receive a "invalidity pension" from the Commonwealth Superannuation Corporation under Military Superannuation Benefits Scheme, they call it a pension and even though it is in reality a lump sum payment they and the ATO continue to call it a "defined benefit". The day I turned 60 my tax dropped dramatically, from memory it went from $330 f/n to $140 f/n, but I still pay tax, and my group certificate or whatever they call them these days has a "taxed element" listed and the tax free component is listed as NIL. Should I be still be paying tax?

[@twobytoo22]

Hi Chris, Regarding untaxed contributions by employer via defined benefit of tax that wasn't paid employer. Once you have meet the conditions to access the super and convert it to pension phase. When does the taxable component is paid/apply? What is the tax rate? Or is it included in your yearly income ATO assessment? Cheers Adam PS Thanks for the Video😁👍

[@dadoftwinsau]

My wife is in a defined benefit too and you pay the tax upon each withdrawal (if no tax was paid when it was going in). The tax rate depends on what your tax bracket for that financial year though so it could be between 15-30%. Ask your accountant to confirm the rate for you mate. ✌🏻

[@twobytoo22]

Thanks for That 😁👍

[@angeloangelides713]

Every one should be eligible to get the Government Pension like in the old days. Other countries like NZ,gives everyone a pension, but here in Australia they have such a ridiculous low threshold that even a very low earner will reach it

[@fc7424]

Every Australia citizen is entitled to the age pension. Which is income and assets tested. The thresholds are fairly genenous before the age pension completely cuts out. If your income exceeds the threshold the age pension is reduced by .50c for every dollar you earn over the threshold for a single person and .25c for every dollar for couples. You can also still work and receive the full age pension in Australia. You can earn $180 per week on top of yout age pension before your pension is reduced by the rates above. Otherwise you could always move to NZ.

[@robertolang9684]

@@fc7424 ASK THAT GUY THAT WON 70.000 IN LOTO HOW IT WORKED FOR HIM ?, YOU GOT SAVINGS MORE THAN 10.000 IN BANK NO PENSION NOT UNEMPLOYMENT BENEFITES , ARE YOU A BILIONAIRE ? YES AUSTRALIA SUITS YOU OTHERS JUST LEAVE , WILTS YOU YOUNG ,

[@angeloangelides713]

@@fc7424 Thanks for the info. My problem is my wife still works and will be doing so for at least the next ten years. Because the threshold is so very low my wife exceeds it by at least thirty percent. Not that she is a high earner and even unskilled workers earn easily more than the threshold. The pension threshold in my opinion, made very low to deny people who have worked all there lives a chance of getting it

[@trace.l1977]

Thanks Chris, is because I take advantage for carry-forward unused concessional contributions for tax deduction purpose in my working life, then this becomes taxable components in the total super balance and subject to 15% tax rate? But if I only withdraw after 60 years old, which means this 15% does not apply. Is this correct? I am not too sure whether I should use this unused carry-forward concessional contribution because I don't want to pay extra tax later on. Please advise. Thanks again.

[@brianrose5971]

Really appreciate your content, very informative. If we sell our investment property for 100k profit and split profit to 50k each and reduce CGT to 25k each because we have held for over 10 years.? can we put that 25k into super using carry forward contributions so as not having to pay income tax and just pay 15% contributions tax into super ?

[@Sam-eb6pj]

Yes, that is the first $27,500 in my calc. It is only 5 yrs of contribution caps I can carry forward. Even if I add the 2024/25 cap $30k and drop the 2019/20 $25k cap I still only get $137,500

[@jackdawg4579]

Those tax free lump sum payments can bite you. We took out a lump sum after turning 60 to do some house repairs. At the end of the tax year we got a bill from the Tax office, apparently that lump sum might be tax free, but it is still considered taxable income, we had to pay back about 3 grand, as the lump sum was enough to mean we didnt get a rebate on our medical insurance that year, and we had to pay back the amount of the rebate that had been applied to our contributions.

[@user-sp4gy7ko5l]

Taxed on money that you have already been taxed on, glorious!

[@TheWoodworkerwhopaints]

Hi Chris, can I assume then that everyone with superannuation in accum accounts should convert to an account based pension at aged 60, just to get that extra 15% on earnings. Even if they don't need the money they can always recontribute back to super ?

[@fairgo3285]

Hi Chris, I'll be 61 in a few months. I only work 3 days a week and want to start TTR to supplement the income. I want to retire when turned 65, my question is when I retired can I do lump sum withdrawal? Thanks. Danny

[@ivanfisher9301]

Hi Chris, if I have unused carry forward concessional contributions , but my super > $500K , at age 60 , can I declare retirement , withdraw a lump sum so my balance

[@richardguthrie3422]

Good question

[@einfelder8262]

Tip 1 - I don't know anyone who could suddenly make $150k of carry forward contributions. You'd have to have been unemployed or seriously underemployed for 5 years before then having $150k spare money. Would need a lotto win or an inheritance, but then you'd choose undeducted contribution instead.

[@einfelder8262]

@@glen646 That would be a rare situation I suspect. Maybe the reason the superguy made this his No1 tip is because it doesn't get used much.

[@SuperGuyAu]

We probably have at least one client a week in this situation. Self employed person/non-working spouse who sold an investment property are two examples.

[@marko1314]

You forgot the smart people who had the wisdom to buy a couple of Bitcoin a mere 8 years ago.

[@einfelder8262]

@@marko1314 You mean the smart bitcoin players who are now serving very long jail sentences, or do you mean those who lost all their bitcoins in exchange failures? Nothing smart about bitcoin gamblers, some were lucky, many were not.

[@marko1314]

@@einfelder8262 Sour grapes mate - Clearly you weren't that smart and you obviously missed out.

[@dennisteo9186]

Hi Chris, I’m 60 but still working full time and have my own SMSF. Can I start receiving a tax free pension now such that tax on my investment earnings is reduced to zero?

[@SuperGuyAu]

You need to retire (or be age 65) to be able to start an income stream that allows for tax-free investment earnings.

[@dennisteo9186]

Thanks Chris, upon my retirement, can I also withdraw a tax free lump sum in addition to a pension stream?

[@KiwiZD]

I assume that this is applicable to Australia judging by your accent? No country mentioned.

[@Hakucho64]

Yes

[@raymacdonald7519]

Was going to watch this, but didn’t get past the ads

[@jefflindsay42]

KZbin Premium saved my mental health, no more adds. Best money I've spent.

[@madeleyinc]

You get what you pay for.. no ads at all for me.

[@CommentaryTeam1]

What about sale of properties that are not bought via super? If over 60 are they CGT free?

[@SuperGuyAu]

No. They are assessed for tax based on the entity that owns them. But there are ways to reduce or eliminate CGT.

[@peterfan8650]

Still subject to CGT just like shares.

[@williamjohn1815]

One thing what amount can you have in super, before you start losing money from the pension. ?

[@user-mw4go7ez9t]

At 7.25, you said income and capital gains become tax free. I assume this is how they are assessed when paid after 60 from pension phase. Earlier you said, that the fund is comprised of taxed and tax free components. My questions is in the event of death and proceeds going to beneficiaries, are the unpaid " interest and capital gains" still assessed as tax free in the hands of beneficiaries or will they have to pay tax at their marginal rate on this component along with other taxed components.

[@Woodland26]

Once I hit 60 I am going to start a TTR and work less.

[@SamanthaPaul-ec6ph]

How did we get to the '$150k or more 'carry forward concessional deduction? At year end 2024 the max contribution would be $132,500 (27,500+27,500+27,500+25,000+25000)?

[@SuperGuyAu]

Did you include current year cap?

[@mspanebianco1]

Yep that’s Australia, where politicians pilfering the public is common place. Tax, tax, tax.

[@ArmySigs]

China has very low taxes, maybe you would like to live there?

[@waynefisher4296]

@@ArmySigs That's an idea, might do that. The only thing that might make me home sick is missing seeing those facial and number plate recognition cameras at all the intersections here in Australia, which were installed the two years during covaids, o wait they came from china anyway. Not so bad after all.

[@jonpaxman]

Tax that's usually massively reduced if you have super.

[@yr6178]

Hi Guy, that means at the age of 60, someone need to call their superfund to transfer into Pension Fund? What is Pension Fund itself? If the person is still working at the age of 60 and contribute salary sacrifice monthly, will that be taxed at 15 pct? Thank you.

[@SuperGuyAu]

Most super funds also offer a pension account. Yes, salary sacrifice contributions will incur contributions tax of at least 15%.

[@yr6178]

Thank you. To reconfirm, either below 60 or 60 and over, as long as it is salary sacrifice, we have to pay tax 15 pct? In regards of pension accounts at the age of 60, can it be open while someone is still working full time? Or should the person retired first? Thank you again. Appreciated.

[@ronbetts5133]

Hello you video has confused me a little I have just got of the phone to Australian super and they inform me that is i was to close my account and take all money that it would be tax free ? further more that if i was to die that my beneficiaries would have the money tax free ? I will be 62 in October .The lady on the phone stated that the money falls all in one category even that i did salary sacrifice and put my own money in I guess i have it wrong when you talk of the different categories and the different taxes you will pay for each ? regards ron

[@SuperGuyAu]

Be careful getting super and tax advice from a call desk. I'm sure their intentions are good, but they are not licensed or educated to be providing personal financial advice.

[@ductritran8637]

We are 70 years old , both my wife and I . Do We have to pay tax when downsize my resident home to a small unit and put money in my superannuation as allowed to maximum 300,00 each and if tax is how much . Thanks

[@SuperGuyAu]

Downsizer contributions will enter super tax-free and can be withdrawn from super tax free.

[@peterfan8650]

You pay no tax when selling your personal residence. There may not be any advantage putting it into Super as investments in Super & outside super is assessed the same Under Centrelink rules. Best to get advice before making a large contribution into Super.

[@peterfan8650]

The sale of your Pimary Residence is not subject to Tax.

[@user-mw4go7ez9t]

While in accumulation, I understand your super is safe from all but your wife. Is it still safe from creditors and government once transferred to a super administered pension fund.

[@sharonozvenom]

“Safe from all but your wife” 😂😂😂😂😂

[@hiwall4883]

Good question.

[@Hakucho64]

By default, your super is not part of your estate, so unless you've specifically nominated her as the beneficiary of your super, how would she get it?

[@user-mw4go7ez9t]

As I understand it, the super fund is not bound to comply with your nominated beneficiaries and rely more on dependency, Also, a wife seeking a divorce can have her solicitor include super into the mix of assets split.@@Hakucho64

[@hiwall4883]

@Hakucho64 If you don't nominate a beneficiary, it automatically becomes a part of the Estate, so yes, the wife would get it.

[@theowenssailingdiary5239]

Good video- Question- I'm a bit dirty on the fact that must withdraw 4% After 60. I feel this is overreach. I intend to withdraw all my super as a lump sum at this point, but I'm worried how it will be viewed regarding anything to do with assets testing, like getting the aged pension down the track. What are the ramifications of lump sum withdrawals? I just can't stand the thought of the government telling me how much of my own money I must withdraw from my stack each year. In a falling market I wouldn't take ANY!

[@reefer4197]

You could always reinvest what you don’t need to live on outside of super. As long as returns you earn on investments stay under the tax free threshold you won’t pay tax

[@andrewmcalister3462]

Withdrawing all your super and losing the tax free benefits seems like an extreme response to the minimum drawdown requirements. I hear you though on the requirement to sell in a falling market. In the 2008 GFC (Labor) and 2020 COVID (Coalition) the government halved the minimum drawdown level. Admittedly, these were extreme events, and there is no guarantee this would be repeated in a more moderate market decline in the future.

[@theowenssailingdiary5239]

True, I just don't understand why they'd even set a minimum? 4%can easily fail for smaller balances, especially if you have a scare at the start of retirement, and then follow the pied piper down the 'bonds are safe' path. Either I'll make most of my super gets passed down-which is why I'm doing it? Government's wishes be damned. @@andrewmcalister3462

[@KoDeMondo]

​@@andrewmcalister3462Hi Buddy sorry to chip in but the person who want or has the potential/possibility to take all the money out of super is well worth in my personal opinion the reason is very simple all our superfumd are invested in directly correlated and over inflated assets like stocks bonds ETF, housing, Bitcoin etc. As the economy today is basically debt consolidation which It is now a certainty that he will be unpaid. Who wants to leave their savings with these scoundrels?

[@graemelamont4094]

You take 4% if you take an income stream otherwise you can leave it there and just withdraw if you need it.

[@Turley7471]

What about a tax deferred super?

[@inisolation6582]

For some of us that were born after a certain year I didn't think we could pull any Super out until the age of 67. Are there age conditions on pulling Super out at 60?

[@tonyyoung4650]

The 67 age is related to the government pension. Super remains at 60 (or a bit less if you are pre 1965). Many people get these age limits confused

[@jefflindsay42]

So I was born in 1966 and have a government super fund, am I right in saying I can access it at 60?

[@peterfan8650]

You need to have met a condition of release to access your Super - basically change employer or retire after after age 60 (just Google)

[@jaygee1672]

If my wife and I own IP using smsf, she is older than I am by a few years, can we sell the house once she is at preservation age of 60, who must we wait until we’re both 60?

[@peterfan8650]

Selling your IP in you SMSF will still attract CGT tax after age 60. Only after you convert to pension stage will the earnigs be tax free in your SMSF. Talk to your accountant before you make such a move.

[@jandrew0639]

Hi Chris, Lets assume I have $1million + in super at age 65 . If I don't intend to retire until I turn 67/68, rather than leave in accumulation should I commence a pension at 65 leaving a small amount in accumulation for future contributions. My plan would be to withdraw $120,000 P/A from pension then reinvest back into accumulation as non concessional to reduced the taxed component on my death. Also I would be saving the 15% tax on earnings in the pension phase. It seems like a win win for me. I have I got this right? Cheers Mate.

[@billk9856]

If you are still working wouldn't that be a TTR and the investment income in the fund be taxed at the 15% anyways?

[@jandrew0639]

My understanding is that would only be in the accumulation account which is the very same account before the pension. The pension account would be tax free. Once your 65 your pretty much free to what you want with your money.@@billk9856

[@AnhNguyen-bi6vg]

From 65 you can commence the pension income and CGT tax free

[@dadoftwinsau]

The plan you laid out is a TTR where you can draw down between 4-10% of you Super per annum (based on your 1st July balance). Leaving the smaller balance in the accumulation account to add more as you continue to work. You won’t be able to do the lump sum reinvest because your account balance is over $500k, but your employer can still make the standard SG payments as always.

[@tanqr_rusher5371]

What is productivity tax on my super account

[@romeoC9968]

Did i.miss where you say what country this is for?

[@peterfan8650]

Australia.

[@madmurf]

So if you have reached 60 and I setup all my $700K super into retirement fund with a withdrawl of %5 per year. I then start work part time to earn 18K per year does the tax department add my tax free income stream to my 18K a year part time job together, to come up with a taxable amount?

[@SuperGuyAu]

Under current rules, payments from super are not included as taxable income.

[@conehead210]

I am 66 and still working on a casual basis. I would like to get access $50k from my super for personal reasons and refund the account over time with higher salary sacrifice payments say to 20% of my yearly income..... Would this be tax free or 15%. I am well under the $500k and still owe the have a mortgage

[@paulwade8766]

Chris says that super earnings are tax free after 60 once you move from an accumulation account to a pension account. I'm not entirely sure that's true. I am receiving a government defined benefit pension and the notional balance of that pension account exceeds the Transfer Balance Cap (TBC). Consequently, I've been told that my lump sum component that's still in an accumulation account can never receive tax free earnings even if I move it into a pension account. 🤔

[@SuperGuyAu]

Your comment seems contradictory.

[@paulwade8766]

@@SuperGuyAu what specifically is contradictory? I checked the ATO website and it says that the Transfer Balance Cap is the maximum amount that can be converted to a tax free pension. Any excess above the TBC continues to have its earnings taxed at 15%. The TBC was $1.7M when I retired in Feb 22 and my total super bal was approx $2.6M - so I have an excess above the TBC that continues to have earnings taxed at 15%.

[@ashjoma]

Still confused by this tax system. I turn 60 in 2025. What do I do then ? Do I get my super money ($130,000) in full if I want it all in full, or not ? Seems the tax department will have their hand out.

[@SuperGuyAu]

This video can help kzbin.info/www/bejne/gZmWZGmMqs2Ko9ksi=EjTgmD9YTz9SaE-0

[@ME-qq2dc]

Funny how you pay 15% on investment income in your accumulation fund, but when it goes backwards you can't claim a tax deduction!

[@graemelamont4094]

They are 2 separate entities that's why you can't claim it it is the fund's loss.

[@ME-qq2dc]

@@graemelamont4094 don't think so mate its my money invested

[@wonton8983]

I don't know whether to access my Super or my wife's super first, i'm 63, wife is 60. Any pitfalls?

[@SuperGuyAu]

Depends on the balances and your objectives. Personal advice may be required to optimise your retirement income draw down strategy.

[@wilburshouse338]

Tax tax tax every way possible

[@mindfulness1118]

It’s disgraceful.

[@mrc6301]

you should clearly state that this is based only on australian law

[@user-nc6rn3rd2h]

If your super has more than enough to retire before 60 can you use it?

[@dadoftwinsau]

You can but it won’t be tax free and you’ll be taxed on it the same as if you’re receiving wages from an employer.

[@TherealQ2]

No, you can't, unless your preservation age is below 60. If you're preservation age is 60 you can not access it until you are 60 and meet a condition of release. There are other conditions that give access to some funds, medical needs, funeral expense for dependents, Temporary or Permanent Disability preventing you from working. I have more than enough in Super to retire now and have tried every possible means to access my Super now and retire, even writing to The Minister For Finance Office and no go. I'm not 60 yet so it is bad luck. There were means to access funds in the past, however they have all been pretty much closed off. TTR used to be 55, now it's 60. If you left the country you could take your Super with you, it stays here until preservation age now. Up until 2006/7 you could access your Super if you started a Pension from it, no lump sums, regardless of age.

[@user-nc6rn3rd2h]

@@TherealQ2 thank you for the detailed response. Much appreciated even though it’s not what I was hoping for lol. It’s so ridiculous these boffins have the power over OUR OWN savings. Just strengthens my position about bitcoin and cryptocurrencies in general.

[@dadoftwinsau]

@@user-nc6rn3rd2h be careful with crypto. As you’ve recently seen with EFTPOS outages, it doesn’t take much to not be able to access your ‘money’. Diversify with some precious metals and a little cash as well. ✌🏻

[@terrywilson7518]

Can I withdraw from my super at 60 to pay out my morgage

[@sjj7236]

Good question, I'd like to know this too.

[@graemetritton9154]

I think you need to have left work and said you will no longer be working,not while you are still working I think

[@Jack-gn4gl]

Yes you can but can't be working or on social security

[@BigEzyyy]

A tradesman I worked with in 2010 done this. He spoke to the employer, they made him redundant paying out all entitlements. He then withdrew money from super to pay off his mortgage and was re-employed weeks later. Things still seem structured in a way that would still make this possible I believe

[@dadoftwinsau]

You can, however, the maximum you can draw down is 4-10% p.a unless you roll everything over to Pension Income Stream and then you can withdraw whatever amount you want.

[@ShaneChiswick]

I am 56 and want to retire when I am 60 and can get my hands on mu Super. I am worried the govt will change this law and not allow you to access your Super until aged pension age...so you don't blow the money then claim aged pension. Anybody agree? I hope I am wrong.

[@jonhy2x4]

Superdooperguy

[@user-dc1nq6mz6d]

I thought you could contribute up to $110k tax free each year ...eg personal saving that U put directly into Ur super

[@SuperGuyAu]

The standard non-concessional (after-tax) contribution cap is $110,000 per year. The concessional (deductible) contribution cap is $27,500 per year (as at the time of writing).

[@chilloutvibesforyou]

This is all very taxing!

[@claudiariley5518]

This all depends on what country you live in, surely.

[@SuperGuyAu]

Yes, Australia.

[@matto20v]

You have successfully confused me even more than I was before watching the video.

[@mariafraser6777]

You need to read about the Superannuation then you can understand what he is talking about.

[@sandponics]

This sounds like bullshit. I am aged 77 and have superannuation, and I pay no tax. As Kerry Stokes once said, "Only idiots pay tax".

[@nevillemills9517]

Corporate Government theaves.

[@licungR]

....soooo, how much do you have in your super now?

[@dimitriosfanourakis7016]

What I get upset about is how there are different rules for politicians vs the rest of us. When they retire, the get their income as their pension for life and indexed each year. If they have investment properties and an income stream from these properties, they get to keep that and also they can get another job and make more money. If we did that, the pension is cut off. Double standards for those that mismanage the states and country.

[@gtvwill]

Lol super. The hallmark of the lucky. Your real mistake is assuming the majority of us have any super at all. Cheers labour hire firms and casual employment contracts!

[@mattjones6357]

What has labour hire got to do with your super?

[@gtvwill]

​@mattjones6357 In construction labour hire will only pay you a casual rate no super included. Lots of the big companies will never employ you directly you just get pushed from project to project hired as a casual resulting in years of work with no super earned. It's a pretty wide spread problem. ​@@mattjones6357

[@hiwall4883]

I've done those jobs before, and they have always paid Super.

[@mutantgenepool]

When a society needs to get their head around all this tax gobblygook, society needs a huge reform. This is so much BS that only serves the rich. The hard working bloke/woman shouldn't need to worry about crap like this to have a good life. Fuck this shit.

[@johnhoward2100]

Very informative but it all sounds like zwahili. Use examples to explain these please. 4 seperate vids would have worked better for me. Have to watch this again 3-4 times to even come close to understanding it.

[@ceciliamorris-gz9zg]

What?? Tax?? Why?? Didn't one work enough, contribute to super till old enough to retire? How complicated n far is this going? When one age, it should be a quiet, calm n free time to enjoy your autumn years. What is wrong with Australia?????

[@SuperGuyAu]

Too many rules! Even I have trouble keeping up!