Is super tax-free after 60?

Super is a great way to save money for your retirement. It is generally taxed at a lower rate than your regular income. 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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How much can I withdraw from super after 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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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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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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When Can I Access My Super Tax Free? [2023 Guide]

29 related questions found

Can I withdraw my super and still get pension?

Even if you have super, you may still qualify for at least a part age pension from the government. Even though Australians have had compulsory super since 1992, many may qualify for — and may need to rely on — an age pension to some degree in retirement.

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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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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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Can I withdraw 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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What age can I access my super tax free in Australia?

Age 60 or over and ceasing employment

You can access your super if you're aged 60 and over and you stop working, even if you subsequently get another job with another employer. As mentioned earlier, super payments are generally tax free once you turn 60.

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Do I pay tax if I withdraw my super?

Whether the money in your super account is tax-free or taxable when you withdraw it generally depends on the type of contributions made and whether tax was paid on it. Non-concessional (after-tax) contributions – those made from income after you paid tax on it – are tax-free when withdrawn from your super account.

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Can I withdraw all my super tax free?

Those aged 60 or over don't pay tax on any money withdrawn from super. However, if you are under 60, you will likely have to pay tax. How much tax you pay depends on whether you have reached your preservation age. Your preservation age is based on your date of birth as set out below.

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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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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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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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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 retire at 60 with 500k Australia?

This obviously depends on what annual income you want to fund but if you want to be able to afford a comfortable retirement—which is an income of just over $48,000 a year for a single according to the ASFA Retirement Standard—then you need a balance of at least $500,000.

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Is $600,000 in super enough to retire?

According to the Association of Superannuation Funds of Australia's Retirement Standard, to have a 'comfortable' retirement, single people will need $595,000 in retirement savings, and couples will need $690,000.

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How much does the average person retire with in Australia?

A helpful cost of living benchmark prepared quarterly by the Association of Superannuation Funds of Australia (ASFA), shows an average single person needs approximately $595,000 in superannuation before retiring, while a couple requires around $690,000.

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What free things can I get at 60?

It's always worth checking before you book or buy; there might be a discount waiting for you.
  • Ride the Rail. It's really important for older people to keep a strong social network. ...
  • Iceland Over-60s Discount. ...
  • More Points at Boots. ...
  • Movie Savings. ...
  • Free TV. ...
  • Cheaper Haircuts. ...
  • Free Bus Pass. ...
  • Free Prescriptions.

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What is the $4000 Centrelink payment?

The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.

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What perks do you get when you turn 60?

If you're 60 or over
  • If you're over State Pension age. Pension Credit. If you're over State Pension age and on a low income you can apply for Pension Credit for help with your living costs. ...
  • Support with travel costs. Older person's bus pass. ...
  • Other help you can get. Get help with NHS prescriptions and health costs.

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