Not available in Accountants Office
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%.
Preservation age
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%.
The relevant cap
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.