Australian superannuation lump sum payments

Tax rates that apply to superannuation lump sum payments

Last updated 29 June 2011

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.

QC28061