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Super(annuation) informaton for people aged 55 plus

Super(annuation) informaton for people aged 55 plus

Old Jan 3rd 2008, 6:41 am
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Default Super(annuation) informaton for people aged 55 plus

In my quest to get off of night shift, I came across some information that maybe useful to others. Some people are probably fully aware of the following but it came as a fantastic realisation to most at our workplace. I will admit most where I work are getting on a bit, with the average aged worker probably being around 45.

When one reaches the age of 55 it is possible to place 100 pct of their income into super, thus avoiding income tax on this portion. At the same time it is possible to withdraw at a tax rate of 16.5 pct the super back as income. So if one was to draw a wage to the tax threshold, then place the rest into super and take it as a pension whilst still working one can make great gains. In my situation at face value it looks like I can work 14 hours a week less (from 36.5 down to 22.5) and take home only 120 dollars per week less. So for working circa 3 hours less per day I only lose 24 dollars per day, or put another way working full time is only worth 8 bucks per hour on that portion. Thats at circa 27 bucks per hour, flat rate night shift.

These rules apply to everyone of that age, and if your getting on a bit like myself, it may well be worth looking at.
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