Element untaxed in the fund of a super income stream

The table below summarises the taxation of a super member income stream paid with an element untaxed in the fund.

The tax-free component is not included. This component is not assessable and not exempt income in all cases.

Medicare levy will apply if amounts are assessable.

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, 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.