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

That’s if u have super. 30plus year in construction and not one boss paid my super. Fk the government and there dog shit ideas

So good info. Thank you.

I don’t believe ANYTHING any Australian Grubbermint says. Or promises. That class of public “servants” exist only for themselves.

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.

Can't get over (though I should have known) the number of whingers here about tax, blah, blah, blah. Most know not what they are talking about - it's a demonstrator of how they get ripped off so easily. It's not the tax office. 
I've got to tell you all, this is one of the best countries, with the fairest superannuation tax system, in the world.
It's the big end of town that gets you. The sneaky 1% here and there, each year over a working lifetime which will reduce your retirement savings by 30% or more. i.e. I'll have 50% more than you, unless you stop whinging, make a decision to learn about and pay attention to your super. It's not difficult.

Our Govt is Broke, because of stupid spending and almost ever Contract thay get into doubles, triples because they are not Business People. So who do they get more money from Us THE AUSTRALIAN TAX PAYER.😢😂😅

Great info as always

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

Great video. Thanks for sharing.

Still don’t get it fuk super

tax on super should beillegal, thieving scumbags

Very useful, thanks

Confusing, tricky, slimy. Thank you for the info.

I though super was not suppose to be TAXED;!

the ato is confusing
"The unused cap amounts you can carry forward depends on the amount you have contributed in previous years, starting from 2018–19. You can carry forward unused cap amounts from up to 5 previous financial years, including when you were not a member of a super fund.


Unused cap amounts are available for 5 years and expire after this. For example, a 2019–20 unused cap amount that is not used by the end of 2024–25 will expire."

ie the first 5 previous
the second 5 total

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Once your accumulation account turns into a pension account, does anybody know if it continues to generate returns at a similar rate as the accumulation phase? Therefore, if it was generating a return of 8% for example, and you were receiving 4% per annum as your pension, it is possible that your pension balance could actually continue to increase year on year? Hope that makes sense 😁

AUSTRALIA... TAX TAX TAX TAX TAX TAX TAX...... WE ARE TAXED OVER AND OVER...

People forget that builtninto our taxes WAS our pension fund. We already paid it until keeting took it away.

I have a different situation.....I am 74 and do not receive a aged pension because?........My wife is 65 and still working.....She does NOT share her income with ( nor should she have to) me I have a place to stay, and food to eat, but no money to spend on anything.....tough luck eh?

Give me my Supa if I spend it too bad but who are you to save for me?? Supa is rigged

Stop spending government propaganda mate !

Yup Australian government collect so much tax just to donate it to other countries. While Aussies suffer, and to top that Australia have so much resources like gas, coal, oil but sell it to other countries for pennies, while Australians pay so much.

Turned 60 switched out of accumulation to pension. I received a 4% mandatory payment from my financial advisor then reinvested 1/2 back into super. Tax was $2.5k but got back $17k from ATO. It helps having a lawyer, financial adviser and accountant all on the same page. I got a 13% return last year and just got and from my advisor to hurry up and spend more because your ex dividend and more is coming through. Seriously WTH do you do with it, we own two houses and are both tight arse boomers because of the 90s. We planned to have security but being tight for so long is hard to spend it.

The period between 60 and 65 is tricky. Statistically I think this is where most people can still enjoy life in full. After 65 it gets harder health etc. There are three choices at 60 if I understood it correctly. A - Fully retire then use superannuation tax free including earnings B - Work in jobs people hate and establish TTR and use jobn income to boost super till tax free threshold and draw minimum to TTR free tax C - Same as B except changing job you hate income to activity you love income. This is where it gets tricky on definition of "employment".

Chris. Lets say you have $600k in SMSF owned by family super trust. And lets say you hit 60 in 2 years (so by then there will be eat least $800k). And lets say your income is from full time employment. The rules around "employment" once you hit 60 apply also if you have hobby income or you start your own company income doing what you love instead of earning heaps more doing what you hate? Basically are there any income types (apart of salary) that do not attract tax rules? after 60.

Hi there. Thanks for the tips. So what you’re saying is that withdrawals from a TTR pension are tax free after 60, but investment earnings from the TTR pension account are not?

The only way I see the government authorities, is they are liars and cheats and don't care about Australian citizens or the country. Absolute thieves, who can get away with anything, but cannot do the only job they have, to help Australian citizens and to help the country they live in.

We pay tax on income and everything we buy.
Why are we taxed twice?

superannuation should be simple ,its our savings for retirement and we have to endure being TAXED

Thanks Chris. I am 60 next year and this was incredibly helpful for me. Keep up the great work, mate.

All good until the Feds change it again…

AUSTRALIAN SUPER HAS TURNED INTO A JOKE! THE AGE IS TOO HIGH! OKAY IF YOU WORK IN AN OFFICE BUT FOR MANUAL WORKERS ITS UNFAIR!

Ouch I was told by my super accountant that in TTR i would not be taxed on super earnings. Self managed super with property investments. Can you confirm?

Everyone agrees that a victim should do everything they can to get out of an abusive relationship..... except when the abuser is the ATO and government

Such a simple system……..not. Why has it been devised to be so complicated?

Original recipe or hot and spicy? It’s like Sophie’s choice..

I don't not trust these greedy wankers nest egg year at the time when introduce but now they extend the age further n further making it harder while they bleed fees outer your super and use it to invest i said invest it in what??? They reckon infrastructure etc! Or in other words invest in the good for the country who in hell ask them too do that with my hardworking money what happens if it gets lost then what??? Use your own money not my low income stuck on the highway stressing at work cash...give me what's mine and I'm going to live in Vietnam away from you corrupted western wankers

I bet the rules don’t affect the ones that wrote them

I see a problem. 1 Super is a pirimed ,,scam,,

I'd rather die before age 60 in this country

So who's got $100000 to throw at super , thanks mate

I'm guessing you have to pay someone to set up the TTR pension income & possibly have to pay to have it audited every year - my guess - am I correct

So tired of the goverment taking our money. Land tax, capital gain, tax on invested money that i have already paid income tax on Tax on our super . Tired of it

Sooooo booooring and complicated ... But you do a great job preventing... 😅

Why does super advertisement on tv we pay for super is a joke

This just fried my brain!!! why do they make it so complicated.... Please tell me, my brother who is 64 stopped work and withdrew his Super which he said was totally tax free.
When i asked him why he said that apparently if you were born in 1962 or prior then as long as you are no longer working then your super can be withdrawn tax free, after listening and understanding as much of this as i possibly could i find that maybe my brother got it wrong, but he swears by it.

I'm doing my own self managed super fund for years now and have made alot doing it myself, what would be the youngest age I could take that out and retire...