Tax on Withdrawals

If you make a lump sum withdrawal from super under age 60, this is how you’ll be taxed (rates effective from 1 July 2011).

Lump Sum Tax Rates
Age	Taxed Fund	Untaxed Fund
Under preservation age	Taxed at 21.5%	> Up to $1.205 million is taxed at 31.5% > Above $1.205 million is taxed at 46.5%
Preservation age to age 59	Up to $165,000 is free and the balance is taxed at 16.5%	> Up to $165,000 is taxed at 16.5% > $165,000 to $1.205 million is taxed at 31.5% > Above $1.205 million is taxed at 46.5%
Age 60 plus		> Up to $1.205 million has a maximum of 16.5% > Over $1.205 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 2011).

Flood Levy

For the 2011/2012 financial year payments, including lump sums and pensions, members under age 60 may be subject to the Flood Levy. It applies as follows:

Flood Levy

Taxable income Flood Levy on this income

$0 to $50,000 Nil

$50,000 to $100,000 Half a cent for each $1 over $50,000

Over $100,000 $250 plus 1c for each $1 over $100,000