Learn how tax on pension income is applied for retirees and people transitioning into retirement and at what point pension income is received tax free.
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⏱ Timestamps
00:00 - Tax On Pension Income
00:34 - Types of Pension Income Streams
01:10 - Pension Tax Under/Over Age 60
01:37 - Pension Income Tax Example
03:33 - Pension Taxable Untaxed Component
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-- Understanding Tax on Pension Income: What Pensioners Should Know --
When you access your superannuation in the form of a pension income stream, you ideally want to do so by paying as minimal tax as possible.
There are a number of factors that influence the tax on pension income. In most cases it can be received tax-free, but understanding when and how pension income is received tax-free is important to ensure you don’t incur any unnecessary taxes.
The factors that impact the tax on pension income is your age, the tax components of your super balance and any other sources of taxable income.
This video details the main types of pension income streams, the tax on pension income when over and under age 60 and an example of how tax on pension income is applied.
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