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.
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