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I am over 60, still employed and have started a TTR. With the changes in the May budget, will the 15% tax on earnings still apply irrespective of age i.e over 60’s. Since I have to withdraw at least 4% to 10% every year (which currently, I am re-contributing as Non Concessional contribution) does it make sense to maintain the TTR after 1 Jul 2017 as there is no tax concession on the earnings and I will be ‘using’ up my Non concessional cap of 500K by re-contribution?
A: Thanks for the question.
Yes – re the 15% tax on earnings (unless you trigger another condition of release such as retirement, or ceasing an employment arrangement, stop the TTR and then start a normal account based pension).
Will it make sense to continue a TTR? Probably not. I can’t tell without knowing the components of your pension.
