Hi, I've read that it is possible to have two super accounts, one in accumulation and one in pension phase. Can someone confirm that the income on the pension account will not be taxed at 15%, and that I can still make the current pre tax $30,000 to the accumulation account to reduce annual income tax.
You must (rather than can) have two accounts IF you continue to work and want to contribute to super as you can't contribute to a pension-phase account, @tonygrainger .
So yes; earnings within a pension-phase account are tax free whereas those in an accumulation phase account (or a transition to retirement account) are taxed within the fund at 15 per cent. And yes, you and an employer can make pre-tax payments to the accumulation-phase account.
You must (rather than can) have two accounts IF you continue to work and want to contribute to super as you can't contribute to a pension-phase account, @tonygrainger .
So yes; earnings within a pension-phase account are tax free whereas those in an accumulation phase account (or a transition to retirement account) are taxed within the fund at 15 per cent. And yes, you and an employer can make pre-tax payments to the accumulation-phase account.
Hi, thanks for that. I don’t intend to work after 60, so the aim is to create an untaxed (not 15% taxed) pension in pension phase, whilst continuing to make pre tax contributions to the second accumulation account to reduce taxable income each year. Hope that makes it clearer. Thanks
Hi @tonygrainger,
You can have two accounts, one in each phase. Probs best to seek financial advice to check options.
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