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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