Superannuation Lump Sum Tax Tables

(last updated 05/06/2014)

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Tax table for superannuation lump sums from 1 July 2014:

Withholding rates for super lump sums:

Income component derived by the payee in the income year	Age of person at the date the payment is received	Component subject to PAYG withholding	Rate of withholding
Member benefit – taxable component – element taxed in the fund	Below preservation age	Whole amount	22%
	Preservation age to 59	Amount up to low rate cap1	Nil
		Amount above the low rate cap1	17%
	60 and above	Whole amount	Nil
Member benefit – taxable component – element untaxed in the fund	Below preservation age	Amount up to untaxed plan cap2	32%
		Amount above untaxed plan cap2	49%
	Preservation age to 59	Amount up to low rate cap1	17%
		Amount above the low rate cap1 up to the untaxed plan cap2	32%
		Amount above untaxed plan cap2	49%
	60 and above	Amount up to untaxed plan cap2	17%
		Amount above untaxed plan cap2	49%
Lump sum death benefit paid to non-dependants – taxable component – element taxed in the fund	Any	Whole amount	17%
Lump sum death benefit paid to non-dependants – taxable component – element untaxed in the fund	Any	Whole amount	32%
Lump sum death benefit paid to dependants – taxable component – elements taxed and untaxed in the fund	Any	None	Nil
Rollover super benefits – taxable component – element taxed in the fund	Any	Whole amount	Nil
Rollover super benefits – taxable component – element untaxed in the fund	Any	Amount up to the untaxed plan cap2	Nil
		Amount above untaxed plan cap2	49%
Super lump sum benefits less than $200	Any	None	Nil
Super lump sum benefit (terminally ill recipient)	Any	None	Nil

1. For the 2014-15 income year, the low rate cap is $185,000 and is indexed annually. The low rate cap in relation to super lump sums paid to an individual who has reached their preservation age is the maximum amount of the taxable component that is allowed the lowest rate of tax. The low rate cap is a lifetime limit. The low rate cap is allocated to the element taxed in the fund first before allocating the remaining low rate cap to the element untaxed in the fund.

2. For the 2014-15 income year, the untaxed plan cap is $1,355,000 and is indexed annually. For the low rate cap or the untaxed plan cap in prior years, phone the ATO on 13 10 20 or visit the ATO's website at www.ato.gov.au and search in the Super tab.