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_Gaz2067(Newbie)Newbie
12 Aug 2021

Hi,
I have a defined benefit superannuation fund together with a normal accumulation plan.
At age 60 I am planning to receive a lifetime pension from my defined Benefit fund and a payment from a retirement income account made up of funds from my accumulation plan.
Fortnightly payments may be:
Defined benefitTax free $293
Taxable taxed $310
untaxed $652
Total defined benefit pension $1,255
Retirement income payment
$1300 taxable taxed
Is it correct that I only need to declare the $652 untaxed element of my defined benefit as taxable income? I'm assuming that a 10% tax offset applies but this may be irrelevant as the $652 would still be less than or equal to the tax-free threshold?
Would nil tax then be payable on my defined benefit pension and also retirement income payment?
Thank you in advance

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643 views
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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
12 Aug 2021

Is it correct that I only need to declare the $652 untaxed element of my defined benefit as taxable income?
Yes.
I'm assuming that a 10% tax offset applies but this may be irrelevant as the $652 would still be less than or equal to the tax-free threshold?
Depends on whether you have other income.
Would nil tax then be payable on my defined benefit pension and also retirement income payment?
Taxed benefits past age 60 are not taxable, and are not to be shown on your tax return.

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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
12 Aug 2021

Is it correct that I only need to declare the $652 untaxed element of my defined benefit as taxable income?
Yes.
I'm assuming that a 10% tax offset applies but this may be irrelevant as the $652 would still be less than or equal to the tax-free threshold?
Depends on whether you have other income.
Would nil tax then be payable on my defined benefit pension and also retirement income payment?
Taxed benefits past age 60 are not taxable, and are not to be shown on your tax return.

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