2020 Homework Worksheets - Super Lump Sum Payment Tax Offset Life Benefit PDF

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uper Lump Sum Payment Tax Offset Life Benefit...

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LUMP SUM TAX OFFSET CALCULATION SHEET SUPERANNUATION LUMP SUM PAYMENT LIFE BENEFIT Taxpayer’s Name ………………………….

1. INCOME DETAILS Taxable Income $ ................. (TI) Less Lump sum “A” $ ................. (A) Superannuation – Taxable Component Untaxed Element $ ................. (B1) Taxed Element $ ................. (B2) Residual Income (T1-A-B1-B2) 2. TAX ON LUMP SUM “A” Progressive total (C)

Year ended 30 June 2020

TFN ………………….

$ ................. (C)

Tax on (T1)

$ .................

TX

Tax on (C)

$ .................

(E)

$ ................ (D1)

$18,200 or less $18,201 to $37,000

$ ................. $ .................

No tax payable x 19%

$ .................

(F1)

$37,001 and over

$ .................

x 30%

$ .................

(F2)

3. TAX ON SUPERANNUATION TAXABLE COMPONENT - Untaxed Element (B1) Progressive Total (C) + (A) $ ................. (D2) Taxpayer under preservation age $18,200 or less $18,201 to $37,000

$ ................. $ .................

No tax payable x 19%

$ .................

(G1)

$37,001 to applicable limit 1.515m Over applicable limit

$ ................. $ .................

x 30% x 45%

$ ................. $ .................

(G2) (G3)

Taxpayer preservation age to 59 $18,200 or less

$ .................

No tax payable

$18,201 to $210,000

$ .................

X 15%

$ .................

(G4)

$210,001 to $1.515m

$ .................

X 30%

$ .................

(G5)

Over $1.515m

$ .................

X 45%

$ .................

(G6)

$18,200 or less

$ .................

No tax payable

$18,200 to $1.515m

$ .................

X 15%

$ .................

(G7)

Over $1.515m

$ .................

X 45%

$ .................

(G8)

Taxpayer 60 and over

4. TAX ON SUPERANNUATION TAXABLE COMPONENT – Taxed Element (B2) Progressive Total (C) + (A) + (B1) $ ................. (D3) Taxpayer under preservation age $18,200 or less

$ .................

No tax payable

$18,200 to $37,000

$ ................. $ .................

X 19%

$37,000 and over

$ ................. $ .................

X 20%

(H1) (H2)

Taxpayer preservation age to 59 $18,200 or less

$ .................

No tax payable

$18,200 to $210,000

$ .................

No tax or medicare

$$ ................. .................

(H3)

Over $210,000

$ .................

X 15%

$ .................

(H4)

LUMP SUM REBATE Residual Income (C) + Lump Sums

$ .................

(D4) equals taxable income

Actual tax payable (Total E, F G and H)

$ .................

LUMP SUM TAX OFFSET (TX – I)

$ ...............

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