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  • Schedule 33 – Tax table for superannuation lump sums

    Attention

    For payments made on or after 1 July 2012 to 30 June 2014

    For the 2013-14 income year, there are no changes to income tax rates. However, the low rate cap or untaxed plan cap thresholds have changed. For more information, refer to Key superannuation rates and thresholds. You can use this tax table for the 2013-14 income year using the updated cap amounts.

    From 1 July 2012, the temporary flood and cyclone reconstruction levy (flood levy) will no longer apply.

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    Attention

    This document is a withholding schedule made by the Commissioner of Taxation in accordance with sections 15-25 and 15-30 of schedule 1 to the Taxation Administration Act 1953. It applies to withholding payments covered by paragraph 12-85(a) of schedule 1.

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    Who should use this table?

    Attention

    Warning:

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

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    You should use this table if you make a super lump sum payment to an individual.

    Find out more

    For a full list of tax tables, refer to Tax tables.

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    Super lump sums

    A super lump sum payment includes lump sum payments paid to an individual who has satisfied a condition of release – for example, retirement or death and lump sum payments to the trustee of a deceased estate.

    The following lump sum payments from a super fund, approved deposit fund, retirement savings account or any other super product are subject to withholding:

    • payments made to a person because they are a member of a super fund, a depositor of an approved deposit fund, or a holder of a retirement savings account or any other super product
    • lump sum payments paid on the death of one person if paid to another person
    • a payment when a super pension is exchanged for a lump sum.

    A super lump sum paid to the trustee of a deceased estate after the death of a person is not subject to PAYG withholding.

    Attention

    Lump sum payments from a complying super fund made to individuals who are suffering from a terminal medical condition do not have an amount withheld from the payment.

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    Attention

    Do not allow for any tax offsets or Medicare levy adjustments. Do not withhold any amount for:

    • Higher Education Loan Program (HELP) debts
    • Financial Supplement (FS) debts.
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    Last modified: 06 Mar 2015QC 25955