SUPERANNUATION TAX TABLE
| Tax Free Component & Taxable Component | Lump Sum = L Tris / Pension = TP | Age | Tax Rate |
|---|---|---|---|
Tax Free Component – this comprises the following:
|
L |
Any Age (Assuming condition of release has been met, ie under preservation age unpreserved unrestricted benefits) | Nil |
Tax Free Component for a death benefit – comprises the following:
|
Pre 30.07 |
Any Age (Assuming condition of release has been met, ie under preservation age unpreserved unrestricted benefits) | Nil |
| Taxable Component |
L |
Under 55 | 21.5% |
| Taxable Component |
T&P |
Under 55 |
Marginal rates(MR) -15% rebate |
| Taxable component and up to the low rate cap currently $165,000 |
L |
55-59 (over preservation age) | Nil |
| Taxable component over the low rate cap currently $165,000 |
L |
55-59 | 16.5% |
| Taxable component |
T&P |
55-59 (over preservation age) | MR -15% rebate |
| Taxable component |
T&P |
60+ | Tax Free |
| Taxable component – taxed element |
L |
60-65 and retired or 65+ |
Nil |
| Taxable component – untaxed element (see note 3) |
L |
60-65 and retired or 65+ |
Nil |
Notes:
- Pre July 83 component is the only component not set (determined at 30.6.07), however trustees were required to have calculated the pre component at 30.06.07. See Pension Strategy
- MR – means marginal income tax rate which presently ranges from 0% to 46.5% incl medicare, see rates table. – these tax rates/rebates and tax free status of pension payments apply only if the rules are satisfied.
- Generally only arises from a lump sum death benefit that includes insurance proceeds or from public sector funds or schemes established under a federal or state law see <ATO-Link>.
