• Super lump sum tax table

    Table 12: 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

    Above the low rate cap amount

    15%

    Aged 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%

    Above untaxed plan cap amount

    45%

    At or above preservation age and under 60 years

    Up to the low rate cap amount

    15%

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

    30%

    Above the untaxed plan cap amount

    45%

    Aged 60 years or more

    Up to the untaxed plan cap amount

    15%

    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

    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 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. We have published information to help you work out if the flood levy applies to you.

    See also:

    Last modified: 22 Sep 2017QC 18123