|
Disclaimer:
· Yahoo! does not endorse or vouch for the accuracy or authenticity of postings.
· Messages should be considered at best general information, not professional investment advice.
· You are personally responsible for your messages.
· You should not include any misleading or deceptive information in your messages and not carry out illegal or unauthorised activities using the Yahoo! Finance boards.
· Information in messages may, where appropriate, be made available to ASIC.
· If Yahoo! finds or reasonably suspects that you are making illegal or unauthorised messages, your right to make messages will be withdrawn. Please click here to read the entire disclaimer information before viewing or posting messages |
 Re:Super lump sum payment -etax incorrect?
|
<< Previous page | 1 | Next page >> |
By: hayyythere
17/07/2008
10:27 pm Yahoo! Profile:
hayyythere Did this message offend you?
Sign in to report abuse |
Reply to this message |
The link has had spaces introduced so it does not work... here is example 1 from that link:
Im between my preservation age and 60 and will be paid a lump sum (taxed element)
Example 1
Michael is 56 and receives for the first time a lump sum super benefit of $250,000 on 25 July 2007. His super fund tells him that this amount consists of a tax-free component of $100,000 and a taxable component of $150,000. The taxable component consists entirely of a taxed element.
Michael will pay no tax on the tax-free component of $100,000.
He will include the taxable component of $150,000 in his personal income tax return as part of his assessable income. This amount will be subject to his marginal tax rate (plus Medicare levy). However he will receive tax offsets to ensure that he pays no tax on $140,000 and 15% tax (plus Medicare levy) on the remaining $10,000. |
|
By: hayyythere
17/07/2008
10:15 pm Yahoo! Profile:
hayyythere Did this message offend you?
Sign in to report abuse |
Reply to this message |
I seem to be having an issue with etax and it's tax estimate when entering data in Item 8 - Australian superannuation lump sum payments.
For example, I start a new blank tax file and enter the data from example 1 as shown on the bottom of this page (http://www.ato.gov.au/su per/content.asp?doc=/cont ent/86252.htm&page=15&H15 =&pc=001/002/064/002/006& mnu=38108&mfp=001/007&st= &cy=1)
into etax.
E-Tax estimates the tax payable should be $48,350 (including medicare levy and surcharge)
Shouldnt I get $140,000 tax free and the remaining $10,000 taxed at 15% plus MCL and MCLS? The tax payable should be:
10,000 x 15%
10,000 x 1.5%
10,000 x 1%
tax payable = 1750 |
|
|
<< Previous page | 1 | Next page >> |
|
