When you take money out.
1 July 2007 Better Super Change: Super investments used to be taxed on the way out
(i.e. when you took your money out of super) as well as on the way in. Reasonable Benefit Limits
(RBLs), as they were known, have now been abolished.
So, what do the super changes mean?
- No tax charges for people over 60 years of age who withdraw cash from their super account. This includes lump sums or pension-style payments from your super.
- It's no longer essential to take out all your cash by a certain age. You can keep it in indefinitely.
- Employer Eligible Termination Payments will be treated differently now that RBLs have been abolished (e.g. they can no longer be contributed to your super account).
[For more insight on the changes please chat with a financial advisor or the Tax Office, or visit the ATO’s Better Super website.]
Helpful stuff for things that might need doing.
- Make sure your super fund has your Tax File Number (otherwise, you could be taxed to the max). Virgin Super members please call 1300 652 770 or download the TFN Form.
- If you don't know your TFN, ask the Australian Taxation Office - call 13 28 61 (or talk to the nice HR person at your work).
| Why tell us your Tax File Number. |
TFN
fact sheet
 |
| Something for the self-employed. |
Self-employed
super fact sheet
|
| When you put money in. |
Money in super
fact sheet
|