Advice

Q&A Dec 4

Updated December 7 2023 - 9:23am, first published December 4 2023 - 5:30am

Question

You recently wrote about a couple who were both over 60. He withdrew $660,000 from his super fund and you said $515,000 of that would be taxable. Am I correct in thinking that is because he is over 60 and alive so he will not have to pay the death tax on the component? You also mentioned that the fund's earnings become part of the taxable component either in accumulation mode or pension mode. I could understand that if the earnings are in accumulation mode as the fund is paying 15 per cent tax, irrespective of age. Is there another 15 per cent tax applicable when the member dies if the balance is left to a non-dependent?

Get the latest St George news in your inbox

Sign up for our newsletter to stay up to date.

We care about the protection of your data. Read our Privacy Policy.