Here’s what you need to know Your preservation age is the age you can start to access your super. It’s between 55 and 60, depending on when you were born.

So, if you’re born after 1 July 1964 and you’re turning 60 in the 2024/25 financial year, you’ll be able to access your super for the first time. It’s been a long haul, but you’ve finally made it…congratulations!

You’ll be able to withdraw larger lump sums if you’re retired without worrying about the low-rate cap of $235,000.

You’ll enjoy tax-free pension income payments, regardless of whether you have a transition to retirement (TTR) or retirement income stream.

If you’re still working, you won’t have full access to your super until you reach 65. But you can start accessing your super with a TTR strategy which allows you to draw regular income up to 10% but doesn’t allow lump sum withdrawals.

You’ll pay less income tax.

The Government’s long-awaited ‘stage 3’ tax cuts are coming into effect on 1 July 2024. While there have been well-publicised changes – lower income earners will receive a higher cut than originally proposed, while higher income earners will receive a lower cut – the bottom line is that all personal income taxpayers will pay less tax.

If you’re still working, you won’t have full access to your super until you reach 65. But you can start accessing your super with a TTR strategy which allows you to draw regular income up to 10% but doesn’t allow lump sum withdrawals.

Before 1 July 2024 you’ll still be paying a higher rate of tax. So, you might like to think about bringing forward any tax deductions by:

• making personal deductible contributions to your super using any unused amounts from 2018/19
• prepaying any deductible expenses such as income protection premiums and investment loan interest where possible.

After 1 July 2024 you’ll be paying a lower rate of tax. So, you might like to think about deferring any taxable income from:

• selling an asset that generates a capital gain
• receiving an employment termination payment or leave entitlement
• applying for a First Home Super Saver Scheme release
• making a taxable super withdrawal, such as total and permanent disability under age 60.