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  • Super lump sum tax table

    Table 13: Super lump sum tax table

    Income component derived in the income year

    Age when payment is received

    Amount subject to tax

    Maximum rate of tax (excluding Medicare levy)

    Member benefit – taxable component – taxed element

    Under preservation age

    Whole amount

    20%

    At or above preservation age and under 60 years

    Up to the low rate cap amount

    Nil

    At or above preservation age and under 60 years

    Above the low rate cap amount

    15%

    60 years or more

    Nil – amount is non-assessable, non-exempt income

    N/A

    Member benefit – taxable component – untaxed element

    Under preservation age

    Up to untaxed plan cap amount

    30%

    Under preservation age

    Above untaxed plan cap amount

    45%

    At or above preservation age and under 60 years

    Up to the low rate cap amount

    15%

    At or above preservation age and under 60 years

    Above the low rate cap amount and up to the untaxed plan cap amount

    30%

    At or above preservation age and under 60 years

    Above the untaxed plan cap amount

    45%

    60 years or more

    Up to the untaxed plan cap amount

    15%

    60 years or more

    Above the untaxed plan cap amount

    45%

    Death benefit lump sum benefit paid to non-dependants – taxable component – taxed element

    Any

    Whole amount

    15%

    Death benefit lump sum benefit paid to non-dependants – taxable component – untaxed element

    Any

    Whole amount

    30%

    Death benefit lump sum benefit paid to dependants – taxable component – taxed and untaxed elements

    Any

    None

    Nil

    Rollover super benefits – taxable component – taxed element

    Any

    Nil – amount is non-assessable, non-exempt income

    N/A

    Rollover super benefits – taxable component – untaxed element

    Any

    Up to the untaxed plan cap amount is non-assessable, non-exempt income

    N/A

    Any

    Above the untaxed plan cap amount

    45%

    Super lump sum benefits less than $200

    Any

    None

    Nil

    Super lump sum benefit (terminally ill recipient)

    Any

    None

    Nil

    Note:

    • A Temporary Budget Repair Levy of 2% 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, it 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. We have published information to help you work out if the flood levy applies to you.

    For more information on cap amounts, see:

    Last modified: 13 Jan 2023QC 18123