• Australian superannuation lump sum payments

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Table 1 sets out the tax rates that apply to superannuation lump sum payments. You may find this useful in completing items 8, M1 and M2.

    Table 1

    Tax rates applicable to the taxable components of superannuation lump sums
    The Medicare levy is additional where applicable

     

    Your age at the time of payment

    Taxed element

    Untaxed element

    Amount

    Tax rate

    Amount

    Tax rate

    Death benefit paid to:

    - dependant

    Any age

    Whole

    Tax free

    Whole

    Tax free

    - non-dependant

    Any age

    Whole

    15%

    Whole

    30%

    Superannuation lump sum (other than death benefit)

     

    Under 55 years old

    Whole

    20%

    Up to $1,155,000

    30%

    Over $1,155,000

    45%

     

    55 to 59 years old

    Up to $160,000*

    0%

    Up to $160,000*

    15%

    Over $160,000*

    15%

    Over $160,000*
    up to $1,155,000

    30%

    Over $1,155,000

    45%

     

    60 years old and older

    Whole

    Tax free

    Up to $1,155,000

    15%

    Over $1,155,000

    45%

    * The low-rate cap could be less than $160,000 if, before July 2008, you received an eligible termination payment after your 55th birthday or you received a superannuation lump sum in a prior income year that counted towards your entitlement to a superannuation lump sum tax offset. For more information on how we work out the amount of your low-rate go to www.ato.gov.au and enter 'low rate cap on super lump sum benefits' in the 'Search for' box at the top of the page.

      Last modified: 29 Jun 2011QC 28061