Superannuation comes with many tax considerations, and at Profacc, we love to work through all the nuances.

With superannuation, it helps to think of your money constantly having a clear aim, depending on the phase you are in:

  • Accumulation phase
  • Retirement phase
  • Accumulation or Retirement phase

Tax and superannuation

11 tax facts about superannuation

Here are 11 superannuation tax facts that you might or might not already be aware of:

Accumulation phase:

  1. Investment earnings in your super attract a lower tax rate

2. Concessional (pre-tax) contributions to your super have a lower tax rate

3. Non-concessional (after-tax) contributions to your super aren't reduced by a contribution tax

4. Insurance premiums can be claimed as a tax deduction and rebated to your super account

5. Voluntary contributions may be used as a despot via the First Home Super Saver Scheme

6. CGT concessions if selling a small business

7. Pension payments (TRIS) from your super are generally tax-free (60 or over)

Retirement phase:

8. Investment income and capital gains are generally tax-exempt

9. Pension payments (account-based pension or TRIS from your super are generally tax-free (60 or over)

Accumulation or retirement phase:

10. Death benefit lump sum paid to a nominated beneficiary is tax-free

11. Lump sum withdrawals are generally tax-free (60 or over)

Time to act?

We recommend you seek advice from your Financial Adviser and work out which superannuation setup is appropriate for your needs.

Our team at Profacc Accountants Financial Planning is experienced in all aspects of superannuation so please get in touch today.