Super lump sum

Not available in Accountants Office

Superannuation Low Rate Cap

The Low Rate Superannuation lump sum threshold is a lifetime threshold which applies once only for each taxpayer for the purpose of determining the maximum rate of tax applicable to the taxed component of ALL Lump sums received from a Superannuation fund by a taxpayer at the age of 55 years or over where the tax rate on the element was zero or less than the relevant rate for that slice of income. The cap is indexed each year. The low rate threshold is now referred to as the ‘Cap’.

The top half of this dialog is to enter any amount of the low rate life-time cap for Superannuation Lump sums that a taxpayer aged 55 years or more has received where the tax rate was zero. Amounts that exceed the cap amount will be taxed at the top marginal rate plus Medicare.

Untaxed Plans

The second half of the dialog is to enter any concession taxed amounts from an Untaxed Superannuation Plan.

As each Untaxed Plan has a separate cap and as the client may have more than one such plan, we have provided separate fields for a maximum number of plans up to 3.

Click OK to display the Superannuation lump sum payment details dialog. This is a transactional dialog which is used when there is more than one entry to be made to record all the details exactly as described on the Superannuation lump sum payment summary received. For more information on this dialog refer to Australian superannuation lump sums.