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 Heads up regarding super and tax

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Bumbles
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Number of posts : 794
Age : 40
Location : Melbourne
Registration date : 2013-10-25

PostSubject: Re: Heads up regarding super and tax   Mon 27 Jul 2015, 12:04 am

Timely post Totoro!

Also, if youre doing your own tax return, make sure you enter it as a superannuation payment, not in your PAYG Income section. I did it the wrong way the first time and owed $1000+, realised my error and corrected it and it automatically created an offest for the tax (not sure if it covered the lot or not, but I ended up with a small refund instead).
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SammySleever
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Number of posts : 248
Location : Sydney
Registration date : 2015-01-10

PostSubject: Heads up regarding super and tax   Sun 26 Jul 2015, 11:41 pm

I thought some people might be interested to know as I just had a tax agent do my return.

I was taxed from my super account when it was accessed early for my surgery - however, the agent said it was only taxed at 22% and since I'm on a higher tax bracket, I had to pay more tax to cover the income. I had a refund due, so the extra came out of that and I don't know how much it was, but thought some people might like to know that accessing the super did cost me more at tax time.

Obviously, if you're on a lower tax bracket, it will be less, but thought people might like a heads up.
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