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SUPERANNUATION LUMP SUM TAX RATES
30 JUNE 2024
MEMBER BENEFITS – Taxable component – Taxable element
Under preservation age 22%
Over preservation age but under 60 Nil for first
$235,000 then 17%
Over 60
Tax free
MEMBER BENEFITS – Taxable component – Untaxed element
Under preservation age
32% for first $235,000 then 47%
Over preservation age but under 60 17% for
first $235,000 then 32%
Greater than $1,705,000
then 47%
Over 60 17% for first $1,705,000
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 $1,650,000
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.
Liability limited by a scheme approved under Professional Standards legislation