Tax with Max: investing in super

An SMSF needs to draw up and comply to a detailed investment strategy before it can trade livestock.

My wife and I are the trustees and members of our SMSF. I turn 55 in 2014 and intend to keep working full-time until I am at least 60. I understand that I can access between 4 per cent and 10 per cent of my part of the fund’s assets from the age of 55.   However what I would like to understand is how much tax I will be required to pay on the funds I withdraw between the age of 55 and 60.
For many years a person has been able to access their superannuation by starting what is called a Transition To Retirement pension. Unlike account-based pensions, that only have a minimum pension payment amount, TTR pensions also have a maximum of 10 per cent that can be taken. The taxation treatment of a TTR pension for someone under 60 will depend on the makeup of the accumulation account paying the pension. The portion of the TTR pension made up of Tax-free superannuation, these tend to mainly come from non-concessional un-deducted contributions, is received tax-free. The portion of a TTR pension made up of taxable superannuation has tax paid at the person’s applicable marginal tax rate, which is decreased by a 15 per cent tax offset.



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