Calculate Australian tax on superannuation withdrawals. Tax depends on your age, component (taxable vs tax-free), and withdrawal type (lump sum vs income stream).
| Component | Amount | Tax rate | Tax |
|---|
| Age | Tax-free component | Taxable component |
|---|---|---|
| Under preservation age (60) | 0% | 22% (20% + Medicare levy) |
| 60 and over | 0% | 0% (tax-free!) |
Preservation age: 60 for everyone, since 1 July 2024 (anyone whose preservation age was previously below 60 has already turned 60). The old "preservation age to 59" low-rate-cap bracket no longer applies to any current withdrawal — there is no one left who has reached preservation age but is still under 60.
First Home Super Saver Scheme allows withdrawal of voluntary contributions (up to $15,000/yr, $50,000 total) for a first home. Tax is paid at your marginal rate minus a 30% offset — typically 0–17%.
Superannuation is preserved until you meet a "condition of release." The most common condition is reaching preservation age and retiring. For anyone born after 30 June 1964, preservation age is 60. At age 65, you can withdraw super unconditionally regardless of employment status.
| Your Age | Tax on Taxable Component | Tax on Tax-Free Component |
|---|---|---|
| Under preservation age (60) | 20% + 2% Medicare (22% total) | 0% |
| Age 60 and over | 0% — completely tax-free | 0% |
The former "preservation age to 59" low-rate-cap bracket (0% up to a lifetime cap, 17% above it) no longer applies to anyone: preservation age reached its final legislated value of 60 for all individuals from 1 July 2024, so no one can be "between preservation age and 59" any more — you're either under 60 (taxed at 22%) or 60+ (tax-free).
Every super balance has two components: the tax-free component (after-tax contributions you or your employer made without a tax deduction) and the taxable component (employer SG, salary sacrifice, and personal deductible contributions — taxed at 15% going in). Withdrawals are taxed in proportion to the ratio of these components.
When can I access my superannuation?
You can access super when you meet a condition of release. The most common: reaching preservation age (60 for most) and retiring, or turning 65. Early access is only permitted for: severe financial hardship (26 weeks on qualifying government payments), compassionate grounds (approved by ATO), terminal illness, or permanent incapacity.
Is super taxed when you withdraw it?
From age 60, withdrawals from a taxed super fund are completely tax-free — no tax on the lump sum or pension payments. Under age 60, the taxable component is taxed at 20% + Medicare levy (22% total). The old concessional "low-rate cap" band for people between preservation age and 59 no longer applies to anyone, because preservation age has been 60 for everyone since 1 July 2024 — you're always either under 60 or 60 and over.
What is the preservation age for super?
For anyone born after 30 June 1964, the preservation age is 60. You can access your super from age 60 if you have retired. At age 65, you can access super regardless of whether you have retired or are still working.