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Re: superannuation

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Hi Community, I pay $15% tax on every dollar of earnings on my superannuation. When the market goes down, and the balance of my account starts falling, I can't claim any tax concessions or receive any money back from the ATO. When the market picks up again, and I again start gaining earnings, i'm again paying 15% tax on every dollar I am earning. When I get up to my original balance before the market downturn, i'm effectively paying 30% tax on my superannuation earnings. So as a low income earner i'm paying more tax on my superannuation than I am on my earnings. How is this possible??
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Devotee Registered Tax Practitioner

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Funds are taxed on income, not market movements.

 

If you are receiving a super pension, other than transitiion to retirement, the earnings should not be taxed at all.

 

You should check your position with your fund.

 

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Most helpful response

Devotee Registered Tax Practitioner

Replies 0

Funds are taxed on income, not market movements.

 

If you are receiving a super pension, other than transitiion to retirement, the earnings should not be taxed at all.

 

You should check your position with your fund.