When can you access your super?

If you take any part of your super in cash after age 60, generally no tax will be payable.

Prior to age 60 some tax may be payable. This tax will be deducted from your benefit by Qantas Super. For tax purposes, your super is divided into two parts as follows:

This is your crystallised (tax-free) component at 1 July 2007 plus any non-concessional contributions made after 1 July 2007.

Nil.

This is the balance of your benefit.

The amount of tax depends upon your age when you receive the benefit. For 2020/21, if you are:

• age 60 and over. Generally you won’t pay tax on withdrawals from your account.
• aged between your preservation age and 60. The first $215,000¹ of your taxable component is tax free. Amounts of the taxable component above this limit are taxed at up to 17%².
• under your preservation age. The full taxable component is taxed at 22%².

If you are under age 60 and have not provided your TFN, tax on the taxable component of your super will be withheld at the highest marginal tax rate plus Medicare levy, currently a combined rate of 49%.

¹Indexed in line with AWOTE in increments of $5,000 (rounded down) and reduced by the taxable components of lump sum amounts previously received from Qantas Super or another fund since reaching preservation age.
²This rate includes the Medicare Levy which is currently 2%.