Understanding how your superannuation is taxed is the first step in making your savings and investments go further.
sk experts how superannuation is taxed, and their answer will be some version of: “How long have you got?”
That means for the year you can contribute another $17,000 of pre-tax income to super, before you hit the $27,500 cap.If you are earning $37,000 or less, the 15 per cent you have been taxed on your super will be refunded to you through the low-income super tax offset , up to the value of $500.under the division 293 taxYou can also put more money into your super from your after-tax income. These are called non-concessional contributions.
So, you’ve put the money into your superannuation fund, it has been invested, and it is now earning a decent return. The second way to transfer super is through spouse contributions. These are generally taxed as non-concessional contributions, and because they’re coming from your after-tax income, the cash you send to your partner’s super fund will have already been taxed at your own marginal tax rate.
You can put up to $3000 into your partner’s super, and you will receive a tax offset of 18 per cent , of up to $540.Do I get taxed when I withdraw super?. Let’s start with retirement age, and then work down from there. “So, even if you’re eligible to take it from 58 to 60, it may be in your best interests to try to leave it two years to get it tax-free.”R Block tax communications director, Mark Chapman, there are diminishing opportunities for tax planning as the preservation age increases.Advertisement
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Workers could soon be paid super more frequentlyEmployers could be forced to pay superannuation at the same time they pay wages, as Labor considers scrapping laws allowing businesses to pay super quarterly.
Read more »
Discovered in the deep: the jaw-dropping gulper eel and its super-stretchy skinIt may have massive jaws, but the gulper eel’s ultra-black skin ensures it remains well hidden in the depths of the ocean
Read more »
What happens to my super when I die?Single with no dependants and cited nieces or nephews as beneficiaries if you die? You’ll need to take more action to make sure they’re the ones who get it.
Read more »
Woman gives birth in rescue helicopter flying her from Scilly to TruroJennie Trevithick says she felt ‘super safe’ while giving birth to son in midair
Read more »
King Charles chooses chapel at Windsor for first Christmas messageMonarch expected to pay tribute to late mother during festive address from St George’s chapel
Read more »
Boxing Day delays predicted as SEQ has first taste of Christmas trafficHoliday delays have been exacerbated by three crashes in the south-east, but Boxing Day is likely to see the biggest snarls.
Read more »