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SUPERANNUATION LUMP SUM TAX RATES

30 JUNE 2017

MEMBER BENEFITS – Taxable component – Taxable element

Under preservation age                                        22%
Over preservation age but under 60                     Nil for first $195,000 then 17%
Over 60                                                                 Tax free

MEMBER BENEFITS – Taxable component – Untaxed element

Under preservation age                                         32% for first $195,000 then 47%
Over preservation age but under 60                      17% for first $195,000 then 32%
                                                                               Greater than $1,415,000 then 47%
Over 60                                                                  17% for first $1,415,000 then 47%

Death benefit superannuation lump sum paid to non dependants directly from superannuation fund

Taxable component – Taxed element                    17 %
Taxable component – Untaxed element                 32 %

Death benefit superannuation lump sum paid to dependants

Taxable component – Taxed element                   Tax free
Taxable component – Untaxed element                Tax free

Rollover superannuation lump sum benefits

Taxable component – Taxed element                   Tax free
Taxable component – Untaxed element                Nil for first $1,415,000 then 47%

Superannuation lump sum benefit < $200               Tax free

Lump sum benefit terminally ill                                 Tax free

 

Disclaimer
The information provided in the above documents is not intended to be, nor should it be construed as tax advice. Any specific recommendation for a client can only be done after their individual circumstances have been determined by David Douglas Accountants.

We have clients from the following locations:

Brisbane, Albion, New Farm, Teneriffe, Newstead, Windsor, Wilston, Bowen Hills, Wooloowin, Herston, Lutwyche, Hamilton, Eagle Farm, Gordon Park, Fortitude Valley, Clayfield, Ascot, Hendra.

Morayfield, Burpengary, Caboolture, Bellmere, Wamuran, Narangba, North Lakes, Mango Hill, Kallangur, Dakabin, Deception Bay, Bribie Island, Elimbah, Kippa-Ring.

We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and sole traders.

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