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 Re:Super lump sum payment -etax incorrect?
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By: renovatejb
25/03/2009
8:45 am Yahoo! Profile:
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Try using etax on www.taxtoday.com.au Their online tax returns let you speak to an accountant, who actually does the return. They can even issue the refund in 3 days.
I found this far easier. |
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By: denly.featon
3/11/2008
3:40 pm Yahoo! Profile:
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We have had the same problem with section 8 of E-Tax on speaking with Lisa from the E-Tax super department she told us to submit Etax and that as ETAx cannot differentiate between age 55 and 60 or before age 55 the tax is estimated incorrectly and when submitted it is actually then checked by an ATO office so that the tax offset will be applied correctly.
The use of the Etax without a note to tell the user that Etax cannot estimate the rebate correctly caused my husband and I a number of arguments ( because I know what the rebates etc are!) and then numerous calls to the Etax department, however after speaking to them I felt very confident that we can submit the return and that the office will then apply the correct rebates so that my husband will pay no lump sum tax on the first $ 140K of his lump sum payment.
I trust that you will find the same. |
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By: hayyythere
17/07/2008
10:27 pm Yahoo! Profile:
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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. |
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By: hayyythere
17/07/2008
10:15 pm Yahoo! Profile:
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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 |
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