Important information for Income Stream investors
Federal Government reforms affecting the Super SA Income Stream - From 1 July 2017, all Income Stream investors will be identified as either being in the:
- Transition to Retirement phase; or
- Retirement phase
Investors who choose to be in the Transition to Retirement phase, will now be taxed up to 15% on their investment returns.
If you have reached your Commonwealth preservation age and are permanently retired, or you have ceased employment after age 60, you can elect to formally move into the retirement phase, by completing the Retirement Declaration Form and returning it to Super SA by 16 June 2017.
Different rules apply to each phase and we recommend that you read the available information, review your circumstances and seek financial advice, if required. The changes are described in full on the ATO website at: www.ato.gov.au/individuals/super/super-changes