Tax on investment earnings

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1 yr ago

I cannot get my head around this issue. In a nutshell, I have retired (68) but keeping my superannuation in accumulation phase as I don't need to access it "at this time".

My question is, am I taxed on investment earnings whilst still in accumulation phase and retired. I have under $300,000 in superannuation.

5 comments

Jacka

1 yr ago

Suzyq. Good news, in a nutshell, No. Jacka.

Locksy

1 yr ago

Accumulation super funds are taxed 15% on earnings.

Suze

1 yr ago

Suzyq

It is very difficult time at the present with Albanese coming into power ... the price of everything will go up including all the taxes.

I am hanging onto my Super with my fingers crossed ... been caught out with the Labor Government with Paul Keating when my mortgage went up to 20%

Sue Ridge

1 yr ago

I'm concerned too, Suze, because the new treasurer has complained that the economy is not as good as he was led to believe and he wants to have a conversation with us which I believe is code for "don't believe what we promised, we are going to change all of that". I recall when Labor was last in that they promised no new taxes and promptly increased the tax on RTD alcohol products with the excuse that it wasn't a tax, it was an excise and it wasn't revenue raising, it was a health issue.

Sophie

1 yr ago

Albo is not a fairy godmother and of course taxes will go up. The cost of living will soar regardless of who is in power. World events and the climate are responsible for that.

Sue Ridge

1 yr ago

I agree, Sophie, but the point is that Labor said they were going to lift wages and reduce the cost of electricity as well as attacking the cost of living. If they have any idea how the economy works they should have known what you have pointed out.

Sophie

1 yr ago

Once they get in Sue, they all change their tune, including Albo. They can only work with what they have.

Garyand

1 yr ago

Yes. Super earnings in the super accumulation phase are taxed, but as an account 'pension' is not. At present, compulsory drawdowns are halved (eg: 60-65 only 2%) so it might pay to look at that.

As the LNP was a high taxer (budget emergencies, etc, etc.) it will be interesting to see what the new Labor government will do.

Suzyq

1 yr ago

So general consensus is that earnings ARE taxed. Now I'm not really sure what to do - open a pension account or continue paying 15% tax on earnings. Can't afford a financial advisor, when is the tax on earnings calculated? Daily/monthly/yearly? Trying to figure out the best way to do this. So confusing. Thanks everyone ????

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Tax on investment earnings

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