Super Lump sum Tab

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Taxable Component of Lump Sum

Age 60 and over - Up to the low rate cap: This is non-assessable non-exempt income and is tax exempt and not to be included in taxable income.

Age 60 and over - Up to the untaxed plan cap - Taxed amount: This amount is subject to a tax rate of 15%.

Age 60 and over - Over the untaxed plan cap – Untaxed amount: This amount is subject to a tax rate of 45%.

55 to 59 years - Up to the low rate cap - Taxed amount: This amount is zero tax rated for offset purposes.

55 to 59 years - Up to the low rate cap - Untaxed amount: This amount is subject to a tax rate of 15%.

55 to 59 years - Over the untaxed plan cap - Taxed amount: This amount is subject to a tax rate of 15%

55 to 59 years - Over the untaxed plan cap - Untaxed amount: This amount is subject to a tax rate of 45%.

Under 55 years - Up to the untaxed plan cap - Taxed amount: This amount is subject to a tax rate of 20%.

Under 55 years - Up to the untaxed plan cap - Untaxed amount: This amount is subject to a tax rate of 30%.

Under 55 years - Over the untaxed plan cap - Untaxed amount: This amount is subject to a tax rate of 45%.

Low rate cap: This is the Total Taxable Component the taxpayer may receive in his or her lifetime. This amount is indexed annually.

Untaxed plan cap: This is the Total Taxable Component the taxpayer may receive in his or her lifetime. This amount is NOT indexed annually.