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WARNING! THIS PAGE MAY NOT BE UP TO DATE
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As we no longer have the resources to keep it up to date, this website ceased to be a subscription website from March 2022
(last annual subscription accepted in December 2020)
You should not rely on it for the most up to date information. Having said that, we do update some of it from time to time.
You may still find some of it useful.
You may wish to use the atotaxrates.info website instead, which may be more up to date.
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Other Lump Sum Benefit Withdrawals
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* Please click on maximise [+], not the titles, to display the contents of any hidden containers *
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SIS LEGISLATION
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Lump Sum Thresholds (Caps)
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Low-Rate Cap
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Untaxed Plan Cap
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| 2022/2023 |
$230,000 |
$1,650,000 |
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2021/2022
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$225,000
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$1,615,000
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2020/2021
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$215,000
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$1,565,000
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2019/2020
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$210,000
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$1,515,000
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2018/2019
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$205,000
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$1,480,000
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2017/2018
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$200,000
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$1,445,000
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2016/2017
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$195,000
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$1,415,000
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2015/2016
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$195,000
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$1,395,000
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2014/2015
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$185,000
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$1,355,000
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2013/2014
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$180,000
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$1,315,000
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2012/2013
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$175,000
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$1,255,000
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2011/2012
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$165,000
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$1,205,000
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2010/2011
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$160,000
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$1,155,000
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2009/2010
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$150,000
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$1,100,000
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2008/2009
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$145,000
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$1,045,000
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2007/2008
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$140,000
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$1,000,000
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Super Lump Sum Tax Table
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Table 13: Super lump sum tax table
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Income component derived in the income year
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Age when payment is received
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Amount subject to tax
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Maximum rate of tax (excluding Medicare levy)
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Member benefit – taxable component – taxed element
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Under preservation age ***
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Whole amount
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20%
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At or above preservation age and under 60years
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Up to the low rate cap amount
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Nil
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At or above preservation age and under 60years
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Above the low rate cap amount
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15%
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60yearsormore
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Nil – amount is non-assessable, non-exempt income
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N/A
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Member benefit – taxable component – untaxed element
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Under preservation age
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Up to untaxed plan cap amount
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30%
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Under preservation age
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Above untaxed plan cap amount
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45%
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At or above preservation age and under 60years
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Up to the low rate cap amount
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15%
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At or above preservation age and under 60years
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Above the low rate cap amount and up to the untaxed plan cap amount
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30%
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At or above preservation age and under 60years
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Above the untaxed plan cap amount
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45%
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60yearsormore
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Up to the untaxed plan cap amount
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15%
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60yearsormore
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Above the untaxed plan cap amount
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45%
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Death benefit lump sum benefit paid to non-dependants – taxable component – taxed element
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Any
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Whole amount
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15%
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Death benefit lump sum benefit paid to non-dependants – taxable component – untaxed element
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Any
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Whole amount
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30%
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Death benefit lump sum benefit paid to dependants – taxable component – taxed and untaxed elements
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Any
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None
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Nil
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Rollover super benefits – taxable component – taxed element
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Any
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Nil – amount is non-assessable, non-exempt income
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N/A
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Rollover super benefits – taxable component – untaxed element
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Any
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Up to the untaxed plan cap amount is non-assessable, non-exempt income
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N/A
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Any
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Above the untaxed plan cap amount
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45%
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Super lump sum benefits less than $200
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Any
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None
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Nil
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Super lump sum benefit (terminally ill recipient)
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Any
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None
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Nil
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Note:
*** See Link below for preservation ages
- A temporary 2% levy applies for the 2014–15, 2015–16 and 2016–17 income years to individuals with a taxable income of more than $180,000 per year. The levy is payable at a rate of 2% of each dollar of a taxpayer’s taxable income over $180,000. This will cease to apply from 1 July 2017.
- The Medicare levy rate is 2% from 1 July 2014 for the 2014–15 income year and later income years and is applied in addition to the maximum rate of tax for each income component.
- The Medicare levy rate is 1.5% up to and including 30 June 2014 and is applied in addition to the maximum rate of tax for each income component.
- In the 2011–12 income year the flood levy may apply where an individual's taxable income exceeds $50,000.
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Post 1/7/2007 - Tax Rates and General Withdrawal Rules
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Tax-Free Component
From 1 July 2007 the tax-free component is made up of:
1) The crystallised amounts of the following components held in a superannuation account as at 30 June 2007 being Pre-July 83 component; Concessional component; Undeducted contributions; The CGT exempt component and Post-June 94 invalidity component.
and
2) Government Co-contributions, Spouse Contributions and Non-concessional Contributions made from 1 July 2007.
Taxable Components
> Taxable Benefits paid as a lump sum (excluding terminal illness payments, death benefits and departing Australia superannuation payments), will be taxed as follows:
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Age
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Tax Rate
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Tax Rate
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Taxed Element
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Untaxed Element
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Age under 55*
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- Up to Untaxed plan cap
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20% (Max)
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30% (Max)
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- Excess over Untaxed plan cap
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20% (Max)
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Top marginal tax rate
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Age 55 to age 59*
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- Less than Low rate cap
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Nil
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15% (Max)
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- Low rate cap to untaxed plan cap
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15% (Max)
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30% (Max)
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- Excess over Untaxed plan cap
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15% (Max)
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Top marginal tax rate
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Age 60 and over
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- Up to Untaxed plan cap
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0%
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15% (Max)
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- Excess over Untaxed plan cap
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0%
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Top marginal tax rate
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*Included in Taxable Income for Medicare Levy purposes except for the taxed element of the ETP low rate threshold.
> The Lump Sum threshold (cap) above in relation to untaxed super benefits is known as ‘the untaxed plan cap’. Significantly, the untaxed plan cap applies to each superfund that you have (i.e. not the aggregate). However, if your current untaxed element in one superfund exceeds the untaxed plan cap, rolling over the excess to another fund does not increase your concession because a rollover is also counted towards the ‘untaxed plan cap’.
> Reasonable Benefit Limits (RBLs) for superannuation were abolished from 1 July 2007.
> The tax exemption for invalidity payments have been extended to the self-employed.
> Prior to 1 July 2007, a withdrawal from super can be made selectively from the above components without being compelled to withdraw any of the post 6/83 component. From 1 July 2007, withdrawals will be allocated proportionally to the taxable and tax-free components that make up the total amount of benefits in that particular superfund.
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Pre 30/6/2007 Rules - Tax Rates on Post 30/6/1983 component
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Age |
Max. Tax Rate Taxed Element |
Max. Tax Rate Untaxed Element |
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Age under 55* |
20% |
30% |
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Age 55 or over:* |
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- Less than ETP low rate threshold below |
Nil |
15% |
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- More than ETP low rate threshold below |
15% |
30% |
*Included in Taxable Income for Medicare Levy purposes except for the taxed element of the ETP low rate threshold.
Post 30/6/83 component – age 55 and over
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Year |
Low rate ETP threshold |
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2006/07 |
$135,590 |
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2005/06 |
$129,751 |
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2004/05 |
$123,808 |
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2003/04 |
$117,576 |
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2002/03 |
$112,405 |
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2001/02 |
$105,843 |
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2000/01 |
$101,188 |
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1999/00 |
$97,109 |
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1998/99 |
$94,189 |
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1997/98 |
$90,916 |
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1996/97 |
$86,917 |
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1995/96 |
$83,574 |
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1994/95 |
$79,975 |
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Pre 30/6/2007 Rules - Tax Rates on other components
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Component |
Taxation Rate |
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CGT exempt |
Tax-free |
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Post-June 1994 Invalidity |
Tax-free |
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Spouse contribution |
Tax-free |
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Undeducted contributions |
Tax-free |
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Concessional |
5% included in assessable income and taxed at marginal rate + medicare levy* |
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Pre-July 1983 |
5% included in assessable income and taxed at marginal rate + medicare levy* |
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Death benefit ETP paid to non-dependant* |
Taxed element 15% (max) |
Untaxed element 30% (max) |
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Death benefit ETP paid to dependant |
Tax-free (within deceased’s pension RBL) |
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Excessive benefits:* |
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- Portion that represents post 30/6/83 taxed element |
38% |
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- Remainder of the excess benefit |
47% |
*Included in Taxable Income for Medicare Levy purposes.
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Links to expert information on this topic
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This page was last edited on 6 April 2021
Fdbco.au - An Online Quick Reference Library for Tax Agents and Financial Planners
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