Superannuation and tax
The Australian Government wants to encourage Australians to take more responsibility for funding their retirement. To help, they have created a favourable tax environment around super.
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How is my super taxed?
Your super may be taxed at several points; on certain contributions, on earnings and on withdrawal depending on your age (and the product). Additional tax may also apply if you do not quote your TFN to your super fund and when you exceed your contribution caps.
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How is super tax-effective?
If your marginal tax rate is higher than 15% then investing in super may be an attractive long term investment.
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How can I use pre-tax dollars to take out insurance through super?
Paying for insurance through your super can be a tax-effective strategy.
The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice.
