Do you pay tax on super after 60?

You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you're 60 or older. The investment earnings on your super are also only taxed at 15%.

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Can I access my super at age 60 without paying tax?

Before you turn 60, pension payments are taxed at your marginal tax rate less a 15% tax offset. When you turn 60, your pension payments (or any lump sum withdrawals) are usually tax free.

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At what age are pensions tax free?

Pension payments are tax-free after age 60: Any super benefits, either pension or lump sum, paid to you after age 60 are tax-free.

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What are the rules for superannuation contributions for over 60?

Superannuation Guarantee (SG)

If you are aged over 60, your employer must still pay SG contributions on your behalf into your super account. The SG contribution rate is currently legislated to rise incrementally to 12% in July 2025. Learn about SG contribution rates.

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How much super can I pay tax free?

Adding to super before tax

You can contribute up to $27,500 each year. These are contributions you have not paid any personal income tax on. They are called 'concessional contributions' because the concessional rate of tax paid on super is 15%.

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When Can I Access My Super Tax Free? [2023 Guide]

29 related questions found

How much can I withdraw from my super at age 60?

There are absolutely no restrictions to accessing your Super Benefit when aged between 60 and 64 after you are retired. There are two ways you can access your Super; either as a lump-sum payment or as a pension.

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Can I withdraw some of my super at 60 and still work?

You can access your super as long as you've permanently retired. If you end an employment arrangement on or after age 60, you can also access the super you've earned up until then. If you're not ready to retire, you could use some of your super while you're still working, with a Transition to Retirement Income account.

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Can I put money into super after I retire?

Individuals aged between 67 and 74 who have recently retired, may be eligible to make additional voluntary contributions to super where they meet certain eligibility criteria around their previous year of work and their total super balance.

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At what age can you no longer contribute to super?

Making personal super contributions. Once you reach age 75, you are ineligible to make further non-concessional personal contributions into your super account, regardless of your work status.

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What age do you stop paying tax in Australia?

Best Age To Retire for Tax Purposes Super

The best age to retire for tax purposes in Australia when it comes to superannuation is age 60. Generally, all withdrawals over age 60 from superannuation are received completely tax free. The only exception is if your balance includes a taxable (untaxed) element.

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How much super can I withdraw as a lump sum?

In such an instance, there is no restriction on how much of your super you can access. However, you should be mindful of any lump sum withdrawal tax, as explained below. There are some instances, depending on your employment history, where part of your super balance includes unrestricted non-preserved components.

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Why am I getting taxed on my super?

After-tax contributions are only taxed if you go over the non-concessional contributions cap. Extra taxes apply to any amounts over the cap, unless you withdraw them and 85% of the earnings attached to them. The non-concessional contributions cap is $110,000 from 1 July 2021.

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Do I have to tell Centrelink if I withdraw my super?

If you withdraw money from your super fund, you must tell Centrelink within 14 days.

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How much super do I need to retire on $50000 a year?

Assume, for example, you will need 65 per cent of your pre-retirement income, so if you earn $50,000 now, you might need $32,500 in retirement.

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Can I put $100 000 into super?

There are annual caps (or limits) on the amount of non-concessional contributions you can make into your super account. This annual cap increases in line with indexation of the concessional (before-tax) contributions cap. The general annual cap for non-concessional contributions for 2023–24 is $110,000.

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What am I entitled to when I turn 60 in Australia?

Pensioner Concession Card
  • Rent assistance—helps to cover your private rental costs if you receive a payment from the government.
  • Energy supplement—helps to manage household costs if you receive an eligible government support payment such as the age pension.

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Is it better to take a lump sum or monthly pension?

The Bottom Line. For some, a lump-sum pension payment makes sense. For others, having less to upfront capital is better. In either case, pension payments should be used responsibility with the mindset of having these resources support you throughout your retirement.

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How much can I put into super in a lump sum 2023?

Any contributions you make to your super fund from your after-tax income are called non-concessional contributions. The annual non-concessional contributions cap for the 2023–24 financial year is $110,000.

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Can I put $300 000 into super?

How much can I contribute? The maximum you can contribute is $300,000 or the sale price of your home, whichever is less. You may make more than one contribution, but the total must not exceed this maximum. You may contribute less than the maximum.

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Can I take a lump sum from my super at 60?

You may be able to take your superannuation as a lump sum payment when you retire. This is usually tax-free from age 60.

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Can I still get $10 000 out of my super?

The minimum amount that can be withdrawn is $1,000 and the maximum amount is $10,000. If your super balance is less than $1,000 you can withdraw up to your remaining balance after tax. You can only make one withdrawal in any 12-month period.

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Will withdrawing my super affect my pension?

Taking money out of superannuation doesn't affect payments from us. But what you do with the money may. For instance we'll count it in your income and assets tests if you either: use it to buy an income stream.

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