The money put aside by your employer in order for you to live on after retirement is your Superannuation.
Everyone who makes more than $450 a month working in Austrailia has 9.5% of their earnings withheld by their employer. They then deposit it into a pension plan of your choosing.
Contribution to Super by an employer is compulsory and applies whether or not the employee is a resident or non-resident of Australia for tax purposes.
Australians must typically wait until they have reached retirement age before accessing their super savings. Visitors to Australia on a temporary visa who work in Australia may claim a refund of their super contributions. However, they can only do so after they leave Australia.
Taxpayers who receive income from an Australian superannuation income stream may be able to claim a tax offset amounting to 15% of the taxed element or 10% of the untaxed element.
If you are under 55, you cannot get an offset for the taxed element of your superannuation income stream unless it was from a disability superannuation benefit or a death benefit income stream.
Likewise, if you are under 60 you cannot claim an offset for the untaxed portion of your superannuation income stream unless the superannuation income stream was a death benefit income stream and the deceased died before they turned 60 years old.
The amount of the offset due is on your PAYG payment summary – superannuation income stream.
Superannuation Income Stream
To enter your superannuation income stream information, refer to the steps listed below: Continue reading “Where do I enter my superannuation income stream information?”