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Tax free on pension streem over 60 y. old

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Newbie

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Replies 6

I receive a fortnightly pension stream via my pps superannuation fund. I reached 60 y.old in September 2016. Few months later did some uber extra income for few months. Tax return for this period of time was calculated as my super income plus uber income, which made me pay few thousand $ to taxman. I was thinking that uber job will be calculated as first 18k free tax, as pension is tax free. Where is the true ?

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Devotee

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Tax is paid on super from 1 July 2016 until September 2016 when you turned 60.

Any super paid after that is tax free.

 

So if you were paid the super in June of 2017 there would be 2 components; the first is July 1 to your 60th birthday where you pay tax as you are not 60 yet and the second from your birthday to June 2017 where you do not pay tax as you are over 60.

 

So if you were paid the super before you turned 60 then it would all be taxed and be taxable income.

 

Surely you must have had many deductions from Uber?

Was it food or people you were transporting?

If People then you would have need to be registered for GST also and do BAS every quarter so a Dec, Mar and June one for 2017.

 

 

 

6 REPLIES 6

Devotee

Replies 5

If you are aged 60 or over, any withdrawals from a taxed super fund are tax-free. Different rates may apply to untaxed funds, such as government super funds.

 

If it was tax free then you would NOT have received a payment summary, you only receive a payment summary if the amount includes an untaxed element amount.

 

How did you calculate this income, that included your super?

 

Newbie

Replies 4

I didn't calculate this income, that included my super. H&R Block did.

Devotee

Replies 3

Did you provide them with a payment summary?

 

Were you over 60 when you received the income?

 

Was it it from an untaxed fund?

 

Newbie

Replies 2

ok,

tax element 361

untaxed element 40924

tax free component nil

tax offset   3207

Lumpn sum

taxedd nil

untaxed nil

free component nil

non exempt 1212

Total tax withheld 2555

All above from super pension.

Starts from 1/7/16 to 30/06/17,  reach 60y September2016, uber starts November2016.

In uber I made 12k. What is my total income for Taxman if super over 60y old is free ?.

 

Newbie

Replies 0

any one help ?

Best answer

Devotee

Replies 0

Tax is paid on super from 1 July 2016 until September 2016 when you turned 60.

Any super paid after that is tax free.

 

So if you were paid the super in June of 2017 there would be 2 components; the first is July 1 to your 60th birthday where you pay tax as you are not 60 yet and the second from your birthday to June 2017 where you do not pay tax as you are over 60.

 

So if you were paid the super before you turned 60 then it would all be taxed and be taxable income.

 

Surely you must have had many deductions from Uber?

Was it food or people you were transporting?

If People then you would have need to be registered for GST also and do BAS every quarter so a Dec, Mar and June one for 2017.

 

 

 

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