Key factors that affect how your super payout is taxed

Key factors that affect how your super payout is taxed

The recent changes to super may affect your super payout. The main change is that super payouts - or benefits - are now taxed differently and in some cases will not be taxed at all.

To work out how your payout will be taxed, you need to know:

• the part of your payout that is taxable - the taxable component
• the age you'll be when you receive the payout
• how your payout is paid - as a lump sum, pension or a combination of both.

Components of a super payout

Different tax treatments apply to super payments made to former temporary residents. Since 1 April 2009, retiring or attaining age 65 has ceased to be a condition of release of super benefits for former temporary residents (not including holders of visa subclasses 405 and 410). For more information, refer to Superannuation information for temporary residents departing Australia.