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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