Superannuation law restricts your access to super until you retire or meet certain conditions.

This restriction is called ‘preservation’. All super is subject to preservation. This includes any investment earnings credited to your super.

Generally, this means that you can’t access your preserved super in cash unless you satisfy a ‘condition of release’.

Your preservation age depends on when you were born.

When you were bornPreservation age
Before 1 July 196055
1 July 1960 - 30 June 196156
1 July 1961 - 30 June 196257
1 July 1962 - 30 June 196358
1 July 1963 - 30 June 196459
After 30 June 196460

What tax do I pay?

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:

1. Tax-free component

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

The tax you pay


2. Taxable component

This is the balance of your benefit.

The tax you pay

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%.

Other conditions of release

You may be able to access a portion of your preserved super in cash in other circumstances, being:

You can learn more via the ATO.

Some terms used on this page have a specific meaning which is set out under ‘definitions’ in the ‘other information’ section of the Qantas Super Gateway Member Guide Supplement.

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