Chapter 13
It’s Always Tax Time
In This Chapter
Understanding super taxes in four stages
Using super to reduce your income tax
Channelling contributions tax
Estimating earnings tax
Embracing tax-exempt earnings in pension phase
Preparing for a tax-free retirement
Y ou can save for your retirement any way you like, but a superannuation fund is the most popular retirement vehicle in Australia because you receive financial rewards — in the form of tax breaks — for locking your savings away.
In some sections of the Australian community you find individuals who believe that superannuation is just for ‘high-flyers’ with large incomes, who can reduce the amount of income tax they pay by making super contributions. The largesse continues when the high-flyers retire — tax-free super for over-60s and tax-free earnings on super fund assets. Such opinions serve only to make lazy headlines and ...
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