Tax free pension if you're over age 60

Once you’re aged 60 years, all payments and withdrawals from your super and pension are 100% tax free.

You don’t need to declare these payments in your tax return.

If you’re between preservation age and age 59:

  • Income payments - taxed at your marginal tax rate less a 15% tax offset.
  • Withdrawals - the first $195,000 (2016-17 financial year) is tax free and any further withdrawals are taxed at your marginal tax rate or 17%, whichever is lower. The tax free amount is a life-time amount rather than applying to each withdrawal individually.

Our members say

The people at [Mine Wealth + Wellbeing] are very pleasant and helpful. They are always there with information for me. Deldoline Barry - retired Mine Wealth + Wellbeing member