Your Super and Tax – Frequently Asked Questions
The good news is superannuation enjoys low rates of tax…
It's important to give us your TFN. If we don’t have it, you could end up paying more tax on your super than is necessary. Provide your TFN either via MyLife Online or by filling in our TFN nomination form.
Why do I need to provide my Tax File Number (TFN)?
Also, if we do not have your TFN we will be unable to accept your voluntary contributions and there could be difficulties in finding, combining or paying your superannuation (including the Government Co-contribution).
A tax of 15% applies to the contributions (both employer and salary sacrifice contributions) your employer pays into your Catholic Super account.
How does tax affect my before tax (employer and salary sacrifice) contributions?
Refer to the Australian Taxation Office (ATO).
No tax is payable on after tax contributions as you have already paid tax on these amounts.
What about after tax (personal and spouse) contributions?
What tax do I pay on withdrawing money from super?
You may have to pay tax when you draw money from your super account. The amount paid will depend on your personal circumstances, including your age and how your super benefit is paid.
We recommend our members seek professional advice before making a decision to withdraw funds from superannuation.
If you held a temporary residency visa, but not an Investor Retirement (class 405) or Retirement (class 410) visa, and depart Australia permanently, higher tax rates will apply to your benefit. Contact the ATO for details on 13 10 20.
I’m a temporary resident. Is there a cash payment when I leave Australia?
Is there tax on death benefits?
Death benefits paid to a dependant are not taxable. The taxable component of a lump sum paid to a non-dependant is taxed at 15% plus Medicare levy. The taxation of a death benefit paid as a pension depends on the ages of the beneficiaries.
A refund of contributions tax may also be available where a death benefit is paid to a dependant as defined in the tax legislation. This is known as an ‘anti-detriment’ payment.
Need more information about super and tax? Contact us or call 1300 655 002.