The table below outlines how superannuation accumulation funds are assessed under the Assets and Income Tests. Salary sacrificed super contributions are counted as income for Age Pension purposes.
|
Super accumulation |
Income test |
Asset test |
|
|
Under Age/Service Pension age |
Account balance |
Not assessed |
Not assessed |
|
Lump sum withdrawal |
|||
|
From Age/Service Pension age |
Account balance |
Deemed |
Account balance |
|
Lump sum withdrawal |
Not assessed |
Not assessed |
|
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