TAXATION ON SUPERANNUATION

It may seem complex at times but we've endeavoured to make it as easy-to-understand as possible.

1. Tax on concessional contributions (pre tax contributions)

Concessional contributions include:

• Superannuation guarantee contributions
• Salary sacrifice contributions
• Self-employed contributions (for which a tax deduction has been claimed)

The amount of tax paid on these types of contributions is 15%.

2. Non-concessional contributions (after tax contributions)

Non-concessional contributions include:
• Voluntary/personal contributions
• Spouse contributions

These types of contributions are tax free.

3. Co-contributions

Any amount received from the Australian Taxation Office for you as a Co-contribution is not taxed at all.

4. Tax on super benefits

If you are 60 or over, super benefits paid as a lump sum are tax free. If you are under 60 there may be tax to pay on your super.

If you would like more details on Tax on Super, download the Member Booklet and Product Disclosure Statement or call 1800 680 627.

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