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
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

 

The low rate cap amount is reduced by any amount previously applied to the low rate threshold.
There is no tax on superannuation lump sum benefits of less than $200.