Q&A Dec 4

Updated December 7 2023 - 9:23am, first published December 4 2023 - 5:30am


You recently wrote about a couple who were both over 60. He withdrew $660,000 from his super fund and you said $515,000 of that would be taxable. Am I correct in thinking that is because he is over 60 and alive so he will not have to pay the death tax on the component? You also mentioned that the fund's earnings become part of the taxable component either in accumulation mode or pension mode. I could understand that if the earnings are in accumulation mode as the fund is paying 15 per cent tax, irrespective of age. Is there another 15 per cent tax applicable when the member dies if the balance is left to a non-dependent?

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