you might be right but it’s also a little ambiguous.
"Yes, there are caps on the tax-free amount you can withdraw from your superannuation account after age 60 as a lump sum.
The tax-free amount you can withdraw from your superannuation account as a lump sum is determined by the components of your superannuation balance. These components are:
Taxable component: This includes any investment earnings and employer contributions that have not been taxed.
Tax-free component: This includes any after-tax contributions you have made to your superannuation account.
If you are aged 60 or over, any lump sum withdrawals you make from your superannuation account are generally tax-free, regardless of the amount withdrawn. However, there are caps on the tax-free amount of your superannuation benefit, which are determined by the transfer balance cap (TBC) and the total amount of tax-free and taxable components of your superannuation account.
As of 1 July 2021, the transfer balance cap is $1.7 million. This means that the maximum tax-free amount you can withdraw as a lump sum is equal to the balance of your tax-free component, or the remaining portion of your TBC if your tax-free component is less than your TBC.
It is important to note that these caps can change over time, so it is recommended that you regularly review your superannuation account and seek professional financial advice to ensure you stay within the limits.”
AndyBTCAdviser / Andy⚡️🇦🇺
npub1nu…28x3m
2023-03-29 04:07:58
in reply to nevent1q…kg3c
Author Public Key
npub1nul4qg8he2dyn3hsyk4a3vcr963vakskyjp43yv9dy7j9frd7yhqh28x3mPublished at
2023-03-29 04:07:58Event JSON
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"content": "you might be right but it’s also a little ambiguous.\n\n\"Yes, there are caps on the tax-free amount you can withdraw from your superannuation account after age 60 as a lump sum.\n\nThe tax-free amount you can withdraw from your superannuation account as a lump sum is determined by the components of your superannuation balance. These components are:\n\nTaxable component: This includes any investment earnings and employer contributions that have not been taxed.\n\nTax-free component: This includes any after-tax contributions you have made to your superannuation account.\n\nIf you are aged 60 or over, any lump sum withdrawals you make from your superannuation account are generally tax-free, regardless of the amount withdrawn. However, there are caps on the tax-free amount of your superannuation benefit, which are determined by the transfer balance cap (TBC) and the total amount of tax-free and taxable components of your superannuation account.\n\nAs of 1 July 2021, the transfer balance cap is $1.7 million. This means that the maximum tax-free amount you can withdraw as a lump sum is equal to the balance of your tax-free component, or the remaining portion of your TBC if your tax-free component is less than your TBC.\n\nIt is important to note that these caps can change over time, so it is recommended that you regularly review your superannuation account and seek professional financial advice to ensure you stay within the limits.”",
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