LUMP SUM BENEFITS


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Income Component
Payment Date Age
Amount Subject to Tax
Tax Rate Including Medicare
Lump Sum - Taxable Component - Taxed Element
Under preservation age
Whole Amount
21.5%
At or above preservation age and under 60
To low cap amount
Nil
Above low cap amount
16.5%
Age 60 and above
Whole amount
Nil
Lump Sum - Taxable Component - Untaxed Element
Under preservation age
To untaxed plan cap
31.5%
Above untaxed plan cap
46.5%
At or above preservation age and under age 60
To low cap amount
16.5%
Above low cap amount up to untaxed plan cap
31.5%
Above untaxed plan cap
46.5%
Age 60 and above
To untaxed plan cap
16.5%
Above untaxed plan cap
46.5%

 

Where:

Year
Low Cap Amount
Untaxed Plan Cap
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

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