Super FAQ (Frequently Asked Question)

I am over 60 years of age and retired. Will my superannuation pension be tax free in future?

People who have reached 60 no longer pay tax on superannuation income streams (pensions or annuities) that are paid from a taxed fund. A taxed fund is one where contributions tax was paid on the contributions made by your employer into your super fund on your behalf.

Contributions tax would also have been paid for contributions made under a salary sacrifice arrangement. Most funds are taxed funds. However, for taxpayers who belonged to an untaxed super fund, they will still have to pay tax on their superannuation income stream, irrespective of their age.

Taxpayers who are over 60 years of age (for the full financial year) and receiving a superannuation income stream from a taxed fund no longer receive a PAYG Payment summary.

I pay extra contributions to my superannuation fund. Can I claim this on my tax return?

Employee taxpayers whose employer is required to contribute to superannuation are not eligible to claim a tax deduction. Instead the government may make a co-contribution to their fund.

Contributions made through salary sacrifice or by another person on your behalf will not be counted for the purposes of calculating the co-contribution. If you are self-employed you may be able to claim a deduction for your contributions.

Why am I being asked to tell my superannuation fund what my tax file number (TFN) is?

If you do not tell your superannuation fund what your TFN is then the fund will be required to pay additional tax on any contributions made by your employer (including salary sacrifice amounts).

Without having your TFN recorded, your fund will not be able to accept any personal contributions that you make and the government co-contribution that you may be entitled to cannot be paid into your account.

At H&R Block nothing is too complicated. We can assist you with any number of tax questions. For book an appointment online or 0423 264 003 / 0412 634 517


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