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Taxation of lump sum withdrawals…
The following table shows how Lump Sum Withdrawals will be treated for 2005 Financial Year.
Component |
Tax Treatment |
Undeducted |
Tax Free |
Concessional |
5% at Marginal Tax Rate + medicare levy |
Pre '83 Component |
5% at Marginal Tax Rate + medicare levy |
Post '83 (taxed) Component |
Under 55 Years at the time of withdrawal 20% + medicare levy |
|
55 year & Over at the time of withdrawal |
Post '83 (untaxed) |
55 Year & Over at the time of withdrawal |
Excessive |
Taxed at 47% + medicare |
Post June '94 Invalidity |
Tax Free |
CGT Exempt |
Tax Free (except if over relevant RBL) |
Financial year ETP threshold
The ETP Threshold for the previous years as follows:-
Year |
Threshold |
2006 |
TBA |
2005 |
123,808 |
2004 |
117,576 |
Sullivans Accountants Sydney
Chartered Accountants and
Tax Consultants
8 Havelock Avenue
COOGEE NSW 2034
Phone: (02) 9664 2000
Fax: (02) 9664 2100
PO BOX 271 COOGEE NSW 2034
Incorporating: Accountants Coogee, Accountants Maroubra, Accountants Bondi Junction, Accountants Randwick, Accountants Eastern Suburbs & South Sydney, Accountant
Eastern Suburbs & South Sydney, Tax Accountants Eastern Suburbs & South Sydney, Tax Accountant Eastern Suburbs & South Sydney, Tax Consultants Eastern Suburbs.
Suburbs: Coogee, Maroubra, Clovelly, Bondi Junction, Randwick, Bronte, Bellevue Hill, Paddington, Rose Bay, Waverley, Mascot, Kingsford, Botany, Kensington, Surry Hills.