SUPER
Mar 20th 2013, 9:39 pm
#1
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Thread Starter
Joined: Apr 2002
Location: brisbane
Posts: 1,020
SUPER
I bought my super over nearly 9 years ago and have recently rolled it over into another fund.My statement says i have a taxable component-element taxed.My old fund advisor is saying this is for investment earings.can anyone help as i thought that this should be exempt from tax or am i wrong ?
Mar 21st 2013, 1:45 am
#2
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Joined: Jul 2005
Posts: 617
Re: SUPER
I'm pretty sure all earnings within the super, arising from the super investments, are taxed at 15%.
Mar 24th 2013, 12:52 pm
#3
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Joined: Mar 2013
Posts: 255
Re: SUPER
Tax-free component on the roll-over of superannuation benefits
http://www.ato.gov.au/superfunds/con...0&mfp=&st=&cy=
A member can roll-over their super benefits from one complying super plan to another, or between different interests in the same plan. This is usually done to keep the benefits invested in the super system, or to convert a lump sum to a super income stream.
No tax is generally payable until the benefits are finally drawn down.
When is the tax-free component calculated?
Taxed super funds calculate the tax-free component as follows for a:
pension in existence as at 1 July 2007 (at least one pension payment was made before 1 July 2007), the tax-free component of the benefit is not calculated under the new arrangements until a trigger event occurs
superannuation interest in accumulation phase as at 1 July 2007, the crystallised segment was calculated as at 30 June 2007. The contributions segment will be calculated when a super benefit is paid to the member.
A tax-free component is the part of a benefit that is tax-free and does not count towards your assessable (or taxable) income.
A taxable component is the part of the benefit that is taxable. It may include two parts - one where tax has been paid and one where tax has not yet been paid. These are called taxed and untaxed elements respectively.
To work out how your super payout is taxed, you only need to understand how the taxed and untaxed elements of the taxable component are taxed. The tax-free component is not taxable.
A taxed element is the super that has already had tax paid on it in the fund. It may or may not need to have additional tax paid on it once it is paid out. You may still need to include the taxed element in your tax return.
An untaxed element is the part of your payout that hasn't had any tax paid on it in the fund, but which is still taxable. It must be included in your tax return as assessable income.
http://www.ato.gov.au/superfunds/con...0&mfp=&st=&cy=
A member can roll-over their super benefits from one complying super plan to another, or between different interests in the same plan. This is usually done to keep the benefits invested in the super system, or to convert a lump sum to a super income stream.
No tax is generally payable until the benefits are finally drawn down.
When is the tax-free component calculated?
Taxed super funds calculate the tax-free component as follows for a:
pension in existence as at 1 July 2007 (at least one pension payment was made before 1 July 2007), the tax-free component of the benefit is not calculated under the new arrangements until a trigger event occurs
superannuation interest in accumulation phase as at 1 July 2007, the crystallised segment was calculated as at 30 June 2007. The contributions segment will be calculated when a super benefit is paid to the member.
A tax-free component is the part of a benefit that is tax-free and does not count towards your assessable (or taxable) income.
A taxable component is the part of the benefit that is taxable. It may include two parts - one where tax has been paid and one where tax has not yet been paid. These are called taxed and untaxed elements respectively.
To work out how your super payout is taxed, you only need to understand how the taxed and untaxed elements of the taxable component are taxed. The tax-free component is not taxable.
A taxed element is the super that has already had tax paid on it in the fund. It may or may not need to have additional tax paid on it once it is paid out. You may still need to include the taxed element in your tax return.
An untaxed element is the part of your payout that hasn't had any tax paid on it in the fund, but which is still taxable. It must be included in your tax return as assessable income.
Mar 24th 2013, 11:11 pm
#4
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: SUPER
My head hurts...............
Apr 18th 2013, 7:35 am
#5
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Thread Starter
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Re: SUPER
thx anyway ,but i still cant get my head round it
Apr 18th 2013, 10:52 am
#6
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,138
Re: SUPER
Yes to both posts above, I HATE the ATO publications, your brain really has to be wired that way to understand them. And my brain isn't. grrrrrrrrrrrr
Apr 18th 2013, 11:10 am
#7
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: SUPER
It's not you - it's an Australian "feature" (as in Micro$oft feature = bug) to always write things that are completely ambiguous.
