SIS Death Benefit Income Streams
Not available in Accountants Office
Deceased Age 60 and over, dependant any age - Taxed amount: This amount is non-assessable non-exempt income and should not be included in taxable income.
Deceased under 60 and dependant Age 60 and over - Untaxed amount: This amount is subject to a tax rate of 10%.
Both deceased and dependant under 60 - Taxed amount: This amount is subject to a tax rate of 15%.
Any Age up to 60 - Untaxed amount: This amount is taxed at marginal rates and is not subject to a tax offset.
Income stream amounts below the Preservation age are taxed at marginal rates and are not subject to an offset.