I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

No Tax During Retirement With SAPTO (Updated Rates)

The superannuation guidelines providing tax-free extremely for over-60s are not the only tax benefits that you can make the most of in retirement.

You might likewise be qualified for the Seniors & Pensioners Tax Offset (SAPTO), presuming you have reached a particular age and your income is listed below a specific limit (see Table 1 listed below).

Tax-free super to those who are over-60s: If you are aged 60 or over, your superannuation take advantage of a taxed source is not included as assessable earnings. Most Australians receive super benefit from a taxed source unless you belong to among the first public sector superannuation funds. If your superannuation benefit was derived from an untaxed source and other taxes can be paid on the taxable part of the advantage.

Seniors & Pensioners Tax Offset (SAPTO): The SAPTO implies that a couple who reached the Pension age, can acquire a 'rebate income' of at least $28,974 each ($ 57,948 combined) for the years 2015/2016 without paying income tax, based on certain conditions. This 'discount income' is in addition to any super benefits from a taxed source. (This level of discount earnings also makes an application for the 2014/2015 year, and the 2013/2014 and 2012/2013 years).

Suggestion: The mix of SAPTO, and tax-free extremely for those who are over-60s, means that the Australians of the Pension age or above can enjoy even greater tax-free earnings.

The tax repercussions of the superannuation guidelines would be fantastic to the senior Australians who eligible for the Seniors & Pensioners Tax Offset or SAPTO. Even for those Australians not eligible for the SAPTO, the tax rules in combination with the very guidelines are still beautiful attracting. The retirement tax rules are then set out within the next area.

How Do The Incredibly And Tax Rules Run In Retirement?

You can have a non-super income as an addition to your tax-free superannuation benefit and enjoy the tax-free $18,200 threshold (if you are under or beyond Age Pension age or disqualified for SAPTO) or the lower income tax offsets or LITO of as much as $445 (for 2015/2016, or for 2014/2015, 2013/2014, and 2012/2013). For the 2010/2011 year, the tax-free limit for was $6,000 (if under Age Pension age, or if over Age Pension age, however, eligible for SATO) and the LITO depended on $1,500.

If you happen to be under Age Pension age (or over the Pension age and disqualified for SAPTO), you can earn non-super earnings of approximately $20,542 for the years 2015/2016 before any earnings tax is payable. For the 2011/2012 year, you might make up to $16,000 before any income tax was payable.

The tax guidelines get even much better when you reach the age of 65 (present Age Pension age). If you're Age Pension age (presently age 65) or older, you may have the ability to gain access to more beneficial tax-free limits, referred to as the SAPTO or Senior Citizens and Pensioners Tax Offset. If you happen to be single, you can make as much as $32,279 in the 2015/2016 year within non-super earnings without paying a single cent of tax because of the application of SAPTO and LITO.

SAPTO is quite a fantastic benefit right? If you want to know more about it, go to www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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