Generally, an Individual is taxed on their income based on a progressive tax system, which means earning a higher level of income will result in having to pay more tax.
In an SMSF, the income is taxed base on whether they are in Accumulation phase or Pension phase and is taxed as follows:
In addition to the income earned by the SMSF, typically there are 3 other ways to add funds into the SMSF which are:
The SMSF pays tax on income at a rate of 15% however, the SMSF generally does not pay tax on Rollovers and Non – Concessional Contributions.
Benefits in the SMSF are generally paid out in 2 ways:
In addition to retirement, you can access your Super, so long as you must meet a condition of release.
Superannuation Warehouse is a specialized SMSF accounting firm however, we are also a Member of the National Tax & Accountants’ Association (NTAA) and as such we have been provided access to detailed information, including tax tables and taxes on various entities. A compilation of the information can be found on the link below:
We have extracted relevant information from the NTAA Booklet available below:
One advantage of using a Self-Managed Superannuation Fund (SMSF) is the increased level of control and flexibility it offers in managing your retirement savings. For more information on the benefits of an SMSF, please see the link here.
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Superannuation Warehouse is based in Melbourne and have clients throughout Australia. We deliver our SMSF administration services in an efficient and paperless way. This efficient service means a competitive fee to you. Our low ongoing fees will enable you to take control of your Super.
Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.
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