lump sum benefits
| 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 |
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.