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All Articles News Superannuation Retirement Finances Investments Community Wellbeing
News Hub Retirement

Paying less tax on your super in retirement

Superannuation
18 February 2025 4 min read

Are you one of the 700,000 Australian retirees missing out on $650 a year?

Candid photo of man and woman smiling

Many Australians are missing out on possible tax benefits when they retire.

A new report estimates that 700,000 retirees are paying an extra $650 in taxes each year on average.1 This is based on an estimate that about 700,000 retirees haven’t shifted their super from an accumulation account into a retirement income product. These findings are outlined in a new report from the Super Members Council.

What does this mean?

Accumulation is the phase that your super is in for your working life. It’s accumulating as you’re adding to your balance as you work. You pay up to 15% tax on the investment earnings of your money when it’s in an Accumulation account.

Once you turn 60, you can potentially shift your super to a retirement income product such as our Retirement Income account. When that happens, the tax on your investment earnings drops to zero. So by shifting accounts you might be able to save tax. Keep in mind there are limits on how much you can move into tax-free retirement accounts, This limit is known as the ‘transfer balance cap’. The general transfer balance cap is $1.9 million for the 2024-25 financial year. You can find out more about the transfer balance cap.

You don’t need to retire to reduce your tax

While the Super Members Council report looks at retirees, you don’t actually have to retire to get the benefit. Here’s when you can move your money into a retirement income product:

Age Can you put your money into an Income account?
65 or over You can put your super into an Income account, even if you’re still working
60 to 64 You can put your super into an Income account if you've retired. Or, you can put your current super into an Income account if you end an employment arrangement (even if you then start a new job)

Learn more about when you can access your super.

What might the tax saving look like? 

This is the extra you might be able to save in tax by switching from an accumulation account to an income account.

Your balance Extra per year   
$50,000   $250  
$100,000   $500  
$250,000 $1,250  
$500,000 $2,500  
$1,000,000 $5,000  

*Based on an expected return difference of 0.50% between an accumulation account and retirement phase account.

You might also get a Retirement bonus

If you have an account with us, you may also be eligible for a Retirement Bonus of up to $9,500 when you switch accounts.

When we invest your super in accumulation phase, we put aside money to pay capital gains tax (CGT). This is tax we pay when we sell assets and make a profit.

Once your funds go into retirement phase, earnings become tax-free. And we don't need to put aside as much to pay CGT. The Retirement bonus is the one-off payment of this amount.

See how much that might be for you.

It’s easy to make the switch

A retirement income account turns your super into an income stream. You can control how much and how often we pay you through the Member Online portal. You can also choose from a range of investment options.

It can take less than 10 minutes to sign up for one of our Retirement Income accounts through Member Online. So, if you’re 60 or over, log in and check out this option today.

You can book an appointment with a financial adviser if you'd like some help with this switch. You can access financial advice from a qualified financial adviser about your super account as part of your membership.2

And for more information on how to make the transition from work to retirement easier, listen and watch our Super Insider podcast here.

Click

What do I do next?

With a better understanding of how super works, you can take proactive steps to get the most out of your super.

Learn more

 


1. Super Members Council media release,  Up to 700,000 retirees could be paying more tax than they should – new research finds, 29 January 2025. 

2. Any advice given is provided by representatives of QInvest Limited ABN 35 063 511 580, AFSL 238274 (QInvest), wholly owned by the Trustee as an asset of Australian Retirement Trust. QInvest is a separate legal entity responsible for the financial services they provide. Eligibility conditions apply. Refer to the Financial Service Guide available at qsuper.com.au/disclosure.’ 

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The information on this website contains general information only. It doesn’t consider your personal objectives, financial situation, or needs. Before making any decisions about QSuper, you should read the relevant Product Disclosure Statement (PDS) and Target Market Determinations (TMD) to consider whether the product is right for you.