A TRIS is essentially an account based pension which can be accessed once a preservation age has been met.

For the 2012 income tax year the preservation age is 55 years.  A TRIS must meet Regulations 1.05 (11A) or 1.06(9A) of The Superannuation Industry (Supervision) Regulations 1994 (SISR).

The total amount that can be withdrawn in a financial year is 10% of the balance as at 1 July. Refer Regulation 6.01 of SISR.

If you are between 55 and 60 and have entered into a TRIS the following tax rates will be applicable:

1.    The tax free component will attract 0% tax. Section 301-15 25  Income Tax Assessment Act 1997 (ITAA 1997);

2.    The taxable component is treated as assessable income  - Section  301 - 25 ITAA 1997; and

3.    The untaxed portion of the taxable portion is treated as assessable income Section 301-110 ITAA 1997.

The difference between 2 and 3 is that 2 attracts a tax offset equal to 15%.  Section 301 - 25 ITAA 1997.