Lump Sum Tax Rates

Tax Free Component

The tax free component includes non-concessional contributions, Government co-contributions and spouse contributions made after 30th June 2007 and the crystallised amount of the following components at 30th June 2007:

• Pre-July 1983
• Concessional
• Post-June 1994 invalidity
• Undeducted contributions
• The CGT exempt component

Any withdrawals from the tax free component are not subject to tax.

 

Taxable Component

Age of member at time of payment	Tax Treatment (excluding Medicare levy
	Taxed Element	Untaxed Element
60 or over	Tax Free	15% up to untaxed plan cap amount* 45% on balance
Between preservation age and 60	Zero percent to low rate cap amount** Up to 15% on balance	15% up to low rate cap amount** 30% from low rate cap amount** to untaxed plan cap amount* 45% on balance
Under preservation age	Up to 20%	30% untaxed plan cap amount* 45% on balance
* $1,000,000 from 1 July 2007 ** $140,000 from 1 July 2007, increasing each year with indexation in increments of $5,000 (in line with AWOTE)

 

Please note: Any withdrawals made from super from 1st July 2007 must be proportioned between your tax-free and taxable components.