2024 saw me turn 60 years in June. Subsequently I drew down $20,000 from my superannuation in the 2024/25 financial year. I understand this super payment is not taxed. Later in the year I discovered that I will require a hip replacement. I then joined hospital fund at 48% but ultimately have to wait 12 months. My replacement has become urgent as the head has collapsed and I will need to draw on my super again in the sum of $30,000 to pay for this, as I will not last until October (when 12 months wait with health fund is up). My question is, I work full time annual salary of $77,500. I assume the $20,000 and $30,000 will be added as an income for the 2024/25 year. I also understand the super payments are free of tax?
I am concerned that I may incur a tax debt and hoping that joining a hospital fund will counteract this. Is this correct? if not any suggestions as to what should I do to in the next 6 months to try and avoid a tax debt. Thank you.
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