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

How Does Tax-Free Super For Over-60s Work?

If you're 60 years old or above, and you qualify for a condition of release (like as retiring from work, or commencing a transition-to-retirement pension), then you can get your super benefits tax-free as a superannuation pension, or as a lump sum. A pension is considered as an income stream.

Tax-exempt Super

Tax-exempt super has constantly been a facet of the retirement system, however, before July 2007, you typically had to employ advisers and intervene in creative monetary gymnastics so as to make it happen not different to what you still need to do to secure tax-exempt income once you retire before turning 60. Plus, before July 2007, the amount of super you could get at concessional charges was limited.

Since 2007, what's particularly striking for pensioners is that non-super income can be earned along with your super income, and still pay little (or no) tax since your super benefit is not counted as payment for tax purposes. Meaning, the super benefits payments are not taken on your tax return.

For instance, you can receive approximately $80,000 from your super fund, as well as $18,200 (for the year 2015/2016) from working part-time and not pay tax, and possibly make up to $20,542 of non-superannuation income tax-exempt, when you consider the LITO (Low-Income Tax Offset). You can create $100,000 or more of yearly revenue, and pay no income tax though most retirees do not get incomes at this point.

If you are 65-year-old or over, you can receive even more non-superannuation income and not pay income tax (because of the use of the SAPTO or Senior Australians and Pensioners Tax Offset).

Learned a bit from this information? You can learn more about how a tax-free super can work for your over the age of 60 at www.australiansuperfinder.com.au

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