Document ID: chunk:federal_register_of_legislation:F2024L00664:schedule:12:p3
Version: federal_register_of_legislation:F2024L00664
Segment Type: schedule
Provision Reference: sch 12 (pt 3/5)
Character Range: 235005–239142

untaxed element. The untaxed plan cap amount for 2024-25 is $1.780 million.

These are the amounts required to be withheld:
    * up to the untaxed plan cap = $1,780,000 (no withholding required)
    * above the untaxed plan cap = $40,000 ($1,820,000 − $1,780,000)
    * from $40,000 = $18,800 ($40,000 × 47%).

The net rollover of $1,801,200 ($1,820,000 − $18,800) is required to be reported to the receiving fund within 3 days to meet the SuperStream data and payments standard. You are also required to provide a statement to the member with 30 days of the rollover.

Table A: Withholding rates for super lump sums

Table A: Withholding rates for super lump sums
Type of payment and tax component                                                        Age of person at the date the payment is received  Amount subject to PAYG withholding   Rate of withholding
Member benefit – taxed element of the taxable component                                  Under preservation age                             Whole amount                         22%
60 years and above                                                                       Whole amount                                       Nil
Member benefit – untaxed element of the taxable component                                Under preservation age                             Amount up to untaxed plan cap        32%
Amount above untaxed plan cap                                                            47%
60 years and above                                                                       Amount up to untaxed plan cap                      17%
Amount above untaxed plan cap                                                            47%
Member benefit – total of preserved benefits is less than $200                           Any age                                            Nil – amount is                      n/a
                                                                                                                                              non-assessable, non-exempt income
Member benefit – terminal medical condition payment                                      Any age                                            Nil – amount is                      n/a
                                                                                                                                              non-assessable, non-exempt income
Death benefit paid to a dependant – taxed and untaxed elements of the taxable component  Any age                                            Nil – amount is                      n/a
                                                                                                                                              non-assessable, non-exempt income
Death benefit paid to a non-dependant – taxed element of the taxable component           Any age                                            Whole amount                         17%
Death benefit paid to a non-dependant – untaxed element of the taxable component         Any age                                            Whole amount                         32%
Death benefit paid to the trustee of the deceased estate                                 Any age                                            None                                 Nil

Additional information

Untaxed plan cap: For the 2024-25 income year, the untaxed plan cap is $1,780,000 and is indexed annually.

Lump sum less than $200: There is no withholding required from the whole amount if it is paid by a regulated super fund, complying ADF or RSA provider as a super lump sum and it is the payee's entire benefit.

A terminal medical condition exists if:

    * two registered medical practitioners have certified, jointly or separately, that the member suffers from an illness, or has incurred an injury, that is likely to result in the member's death within 24 months of the date of certification
    * at least one of the registered medical practitioners is a specialist practicing in an area related to the member's illness or injury
    * the certification period has not ended for each