Superannuation Lump Sum Tax Tables

(last updated 05/06/2014)

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Tax table for superannuation lump sums from 1 July 2014:

Withholding rates for super lump sums:
Income component derived by the payee in the income year
Age of person at the date the payment is received
Component subject to PAYG withholding
Rate of withholding
Member benefit – taxable component – element taxed in the fund
Below preservation age
Whole amount
22%
Preservation age to 59
Amount up to low rate cap1
Nil
Amount above the low rate cap1
17%
60 and above
Whole amount
Nil
Member benefit – taxable component – element untaxed in the fund
Below preservation age
Amount up to untaxed plan cap2
32%
Amount above untaxed plan cap2
49%
Preservation age to 59
Amount up to low rate cap1
17%
Amount above the low rate cap1 up to the untaxed plan cap2
32%
Amount above untaxed plan cap2
49%
60 and above
Amount up to untaxed plan cap2
17%
Amount above untaxed plan cap2
49%
Lump sum death benefit paid to non-dependants – taxable component – element taxed in the fund
Any
Whole amount
17%
Lump sum death benefit paid to non-dependants – taxable component – element untaxed in the fund
Any
Whole amount
32%
Lump sum death benefit paid to dependants – taxable component – elements taxed and untaxed in the fund
Any
None
Nil
Rollover super benefits – taxable component – element taxed in the fund
Any
Whole amount
Nil
Rollover super benefits – taxable component – element untaxed in the fund
Any
Amount up to the untaxed plan cap2
Nil
Amount above untaxed plan cap2
49%
Super lump sum benefits less than $200
Any
None
Nil
Super lump sum benefit (terminally ill recipient)
Any
None
Nil

1. For the 2014-15 income year, the low rate cap is $185,000 and is indexed annually. The low rate cap in relation to super lump sums paid to an individual who has reached their preservation age is the maximum amount of the taxable component that is allowed the lowest rate of tax. The low rate cap is a lifetime limit. The low rate cap is allocated to the element taxed in the fund first before allocating the remaining low rate cap to the element untaxed in the fund.
2. For the 2014-15 income year, the untaxed plan cap is $1,355,000 and is indexed annually. For the low rate cap or the untaxed plan cap in prior years, phone the ATO on 13 10 20 or visit the ATO's website at www.ato.gov.au and search in the Super tab.




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