Lump Sum Benefits

Income Component	Payment Date Age	Amount Subject to Tax	Tax Rate Including Medicare
Lump Sum - Taxable Component - Taxed Element	Under preservation age	Whole Amount	22%
	At or above preservation age and under 60	To low cap amount	Nil
		Above low cap amount	17%
	Age 60 and above	Whole amount	Nil
Lump Sum - Taxable Component - Untaxed Element	Under preservation age	To untaxed plan cap	32%
		Above untaxed plan cap	47%
	At or above preservation age and under age 60	To low cap amount	17%
		Above low cap amount up to untaxed plan cap	32%
		Above untaxed plan cap	47%
	Age 60 and above	To untaxed plan cap	17%
		Above untaxed plan cap	47%

The above includes a 2% Medicare levy. For earlier year Medicare levy rates, see separate section. The "tax free component" is not taxed.

The caps are:

Year	Low Cap Amount	Untaxed Plan Cap
2019/20	$210,000	$1.515m
2018/19	$205,000	$1.480m
2017/18	$200,000	$1.445m
2016/17	$195,000	$1.415m
2015/16	$195,000	$1.395m
2014/15	$185,000	$1.355m
2013/14	$180,000	$1.315m
2012/13	$175,000	$1.255m
2011/12	$165,000	$1.205m
2010/11	$160,000	$1.155m
2009/10	$150,000	$1.100m
2008/09	$145,000	$1.045m
2007/08	$140,000	$1.000m

 

The caps are indexed in line with AWOTE in increments of $5000 (rounded down). The low rate cap amount is reduced by any amount previously applied to the low rate threshold. There is no tax on superannuation lump sum benefits of less than $200.

Death Benefit Lump Sums

Lump sums paid on death to a dependant are tax free on both the taxed and untaxed elements. If paid to a non-dependant, the rate is 15% on the taxed element and 30% on the untaxed element.