The Bendzulla website will be undergoing system maintenance on Monday 27 October from 7:00 pm till 9:00 pm AEDT. The site will be unavailable during this time. We apologise for any inconvenience this may cause. If this is likely to cause you any issues or if you have any questions regarding this planned maintenance please call the Bendzulla team on 1800 203 123.

LUMP SUM BENEFITS


Return to Reference page.


The Medicare Levy has recently risen from 1.5% to 2.0%, effective 1 July 2014. 

Please note the government has announced changes that, if passed by parliament, will temporarily apply a 2% levy to the taxable income of individuals earning over $180,000 from 1 July 2014.

Income Component
Payment Date Age
Amount Subject to Tax
Tax Rate Including Medicare
Lump Sum - Taxable Component - Taxed Element
Under preservation age
Whole Amount
22%
At or above preservation age and under 60
To low cap amount
Nil
Above low cap amount
17%
Age 60 and above
Whole amount
Nil
Lump Sum - Taxable Component - Untaxed Element
Under preservation age
To untaxed plan cap
32%
Above untaxed plan cap
42%
At or above preservation age and under age 60
To low cap amount
17%
Above low cap amount up to untaxed plan cap
32%
Above untaxed plan cap
47%
Age 60 and above
To untaxed plan cap
17%
Above untaxed plan cap
47%


For more information please click here.  

 

Where:
Year
Low Cap Amount
Untaxed Plan Cap
2014/15
$185,000
$1.355m
2013/14
$180,000
$1.315m
2012/13
$175,000
$1.255m
2011/12
$165,000
$1.205m
2010/11
$160,000
$1.155m
2009/10
$150,000
$1.100m
2008/09
$145,000
$1.045m
2007/08
$140,000
$1.000m


There is no tax on superannuation lump sum benefits of less than $200.

Sourced from Australian Tax Office website : Key Superannuation Rates and Thresholds

Return to Reference page.


Phone 1800 203 123
Fax 1800 103 123
Email act@bendzulla.com