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If you make a lump sum withdrawal from super under age 60, this is how you’ll be taxed (rates effective from 1 July 2012).
Lump Sum Tax Rates
| Age |
Taxed Fund |
Untaxed Fund |
| Under preservation age |
Taxed at 21.5% |
> Up to $1.255 million is taxed at 31.5%
> Above $1.255 million is taxed at 46.5% |
| Preservation age to age 59 |
Up to $175,000 is free and the balance is taxed at 16.5% |
> Up to $175,000 is taxed at 16.5%
> $175,000 to $1.255 million is taxed at 31.5%
> Above $1.255 million is taxed at 46.5% |
| Age 60 plus |
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> Up to $1.255 million has a maximum of 16.5%
> Over $1.255 million is up to 46.5% |
Pension Tax Components for age 60 years and under
| Age |
Tax Rate |
Under
preservation age |
Taxed at your marginal tax rate |
| Preservation age to age 59 |
Taxed at your marginal tax rate less 15% pension offset. |
If you receive your super benefit as a pension under age 60, this is how you’ll be taxed (rates effective from 1 July 2012).
No tax is applicable on lump sums and pensions payable from a taxed source.
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