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DIY Super For Dummies, 3rd Australian Edition by Trish Power

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Chapter 13

It’s Always Tax Time

In This Chapter

arrow Understanding super taxes in four stages

arrow Using super to reduce your income tax

arrow Channelling contributions tax

arrow Estimating earnings tax

arrow Embracing tax-exempt earnings in pension phase

arrow 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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