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Taxation of super benefits

Summary of taxation of super lump sums

Section: 7.1

Age Taxable component taxed element Max. tax rate Taxable component untaxed element Max. tax rate
60 and above Non-assessable non-exempt income (NANE) 0% First $1.515 million (untaxed plan cap) assessable income 15%
Balance over $1.515 million (untaxed plan cap) assessable income 45%
Preservation age to 59 First $210,000 (low rate cap) assessable income 0% First $210,000 (low rate cap) assessable income 15%
Balance over $210,000 (low rate cap) assessable income 15% $205,000 (low rate cap) to $1.515 million (untaxed plan cap) assessable income 30%
Balance over $1.515 million (untaxed plan cap) assessable income 45%
Below preservation age Whole component assessable income 20% First $1.515 million (untaxed plan cap) assessable income 30%
    Balance over $1.515 million (untaxed plan cap) assessable income 45%

Note: For all non-zero tax rates, Medicare levy may also apply.

Last modified: Wednesday, July 24, 2019