March 14, 2023

Luke on 2CC – How is super taxed? What is the rate?

18 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Matters show which aired on Friday 10 March 2022. This weeks topic is: How is super taxed and what is the tax rate that’s applied. All working Australians have superannuation but do you know how the tax works? Key topics covered include:

Tax depends on the status of your account – are you in the working phase or retirement phase?

In the working phase, it’s a flat rate of tax – 15%

However, if you earn more than 250k, you’ll pay a higher rate – and additional 15%

If you however move to the retirement phase and take a pension and are over 60, you pay no tax – 0%.

What about capital gains tax in the working phase and in the retirement phase?

If you exceed more than $1.7 million in super what happens at retirement and what are your options?

Are there any other strategies that might be useful around how super is taxed?

How does transition to retirement work?

Luke share’s his top tips around making the most of super and retirement options.

https://www.envisionfinancial.com.au/wp-content/uploads/2023/03/The-Strategy-Stacker-Luke-Talks-Money-10032023.mp3

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Do you need financial advice on super and retirement planning?

For the average Australian, you pay less tax on your super than most other savings vehicles. In this regard, it’s a gift. Super is a great way to grow retirement savings. Seek advice if you need help.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Make an appointment to confidentially discuss investment, super, insurance and/or retirement planning. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment, for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday. You may also catch up with The Strategy Stacker – Luke Talks Money podcast.

We look forward to your company again and sharing more news about the book that’s coming 20 March 2023 – Smart Money Strategy – Your Ultimate Guide to Financial Planning.

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By Luke Smith