Steve (58) receives a lump sum benefit from his super fund of $400,000. Steve’s fund is made up of 65% taxable component and he has made no previous withdrawals from super. How much tax will Steve pay on his benefit (excluding Medicare levy) this financial year?
Medicare Levy (individuals)
Individuals -Thresholds Lower income limit Upper income limit
Eligible for SAPTO $34,244 $42,805
All other taxpayers $21,655 $27,068