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Breaking down Australia's 20 superannuation tax rates
In this Australian Retirement Podcast episode, your hosts Drew Meredith, from Wattle Partners, and James O'Reilly, from Northeast Wealth tackle one of the most complex parts of Australian retirement planning: the superannuation tax system.
How many different tax rates apply to super? The answer might shock you - it's around 20 different rates, depending on your situation!
Drew and James break down every tax that can hit your superannuation at different stages:
– Contributing to super: From the standard 15% contributions tax to Division 293's extra 15% for high earners
– Growing your super: Investment earnings, capital gains, and the new Division 296 tax on balances above $3 million
– Accessing your super: The zero-rate sweet spot after 60, and the traps if you access it earlier
– Leaving super behind: Death benefit taxes that can hit your beneficiaries with rates up to 32%
Plus, in the opening banter, James shares stories from his Disney cruise weekend and the eye-watering cost of Oasis concert tickets. Are luxury holidays actually cheaper than camping these days?
If you like this Australian Retirement Podcast episode on super taxes, you'll love the series. Don't forget to subscribe for weekly shows on Apple, Spotify, YouTube or wherever you get your podcasts.
Topics covered today:
- The 20 different tax rates that can apply to your superannuation
- Contributions taxes: 15%, Division 293, and excess caps
- Earnings taxes: Accumulation vs pension phase
- Non-arm's length income (NALI) and the 45% trap
- Division 296: The new tax on super balances above $3M and $10M
- Strategies to minimise super taxes throughout your retirement journey
Resources for this episode
Ask a question (select the Retirement podcast)
Visit TermPlus to learn more
Rask Resources
All services
Financial Planning
Invest with us
Access Show Notes
Ask a question
We love feedback!
Follow us on social media:
Instagram: @rask.invest
TikTok: @rask.invest
DISCLAIMER:
This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG):
https://www.rask.com.au/fsg
Learn more about your ad choices. Visit megaphone.fm/adchoices
View all episodes
By RaskIn this Australian Retirement Podcast episode, your hosts Drew Meredith, from Wattle Partners, and James O'Reilly, from Northeast Wealth tackle one of the most complex parts of Australian retirement planning: the superannuation tax system.
How many different tax rates apply to super? The answer might shock you - it's around 20 different rates, depending on your situation!
Drew and James break down every tax that can hit your superannuation at different stages:
– Contributing to super: From the standard 15% contributions tax to Division 293's extra 15% for high earners
– Growing your super: Investment earnings, capital gains, and the new Division 296 tax on balances above $3 million
– Accessing your super: The zero-rate sweet spot after 60, and the traps if you access it earlier
– Leaving super behind: Death benefit taxes that can hit your beneficiaries with rates up to 32%
Plus, in the opening banter, James shares stories from his Disney cruise weekend and the eye-watering cost of Oasis concert tickets. Are luxury holidays actually cheaper than camping these days?
If you like this Australian Retirement Podcast episode on super taxes, you'll love the series. Don't forget to subscribe for weekly shows on Apple, Spotify, YouTube or wherever you get your podcasts.
Topics covered today:
- The 20 different tax rates that can apply to your superannuation
- Contributions taxes: 15%, Division 293, and excess caps
- Earnings taxes: Accumulation vs pension phase
- Non-arm's length income (NALI) and the 45% trap
- Division 296: The new tax on super balances above $3M and $10M
- Strategies to minimise super taxes throughout your retirement journey
Resources for this episode
Ask a question (select the Retirement podcast)
Visit TermPlus to learn more
Rask Resources
All services
Financial Planning
Invest with us
Access Show Notes
Ask a question
We love feedback!
Follow us on social media:
Instagram: @rask.invest
TikTok: @rask.invest
DISCLAIMER:
This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG):
https://www.rask.com.au/fsg
Learn more about your ad choices. Visit megaphone.fm/adchoices