I am 62, retired with no possibilities of working again. I'm of the opinion if I withdrew the $115,000 out of super I would pay no tax. Is this true and if it isn't how much tax would I pay on that amount? - Terrence
People aged 60 years or over can access their entire superannuation benefit tax-free. Your benefit will not be taxed if you access your super as a lump-sum payment, provided Media Super has your tax file number on file. It's your responsibility to make sure your tax file number is on file so it's a good idea to make sure as soon as possible.
You can also use your super account to open a Media Super Retirement Pension. If you're over 60 and have your money invested in a pension account, all investment returns are tax-free. You can choose your payment amount and frequency, and continue to enjoy the benefits of being in an industry super fund, including low fees.
For more information and to download a copy of our Benefit payment form, see Accessing your super. For more information on pensions, see Pension accounts .
To find out how to advise your TFN, visit www.mediasuper.com.au/tfn or contact your local Relationship Manager at www.mediasuper.com.au/contactus.