Sentences with phrase «super lump sum»

A super lump sum from a foreign super fund will generally be tax - free if received within six months of your member becoming an Australian resident or within six months of their foreign employment being terminated.

If your fund receives a super lump sum directly from a foreign super fund, your member can choose to have some or all of the assessable part of the lump sum treated as assessable income of your fund.

The assessable amount of a super lump sum from a foreign super fund transferred directly to an Australian super fund is referred to as applicable fund earnings.

Using the facts in example 2, Kevin has decided after receiving an income stream for 12 months that he wants to commute his income stream into a super lump sum.

However, if some or all of the disability super lump sum paid to the member from the particular super fund is attributable to a rollover super benefit paid earlier into the particular fund, the service period for the disability super lump sum includes any days in the service period for the rollover super benefit that are earlier than the start of the service period for the disability super lump sum worked out using the table above.

The proportioning rule is modified for disability lump sum benefits and super lump sum benefits that contain an untaxed element.

Some or all of the disability super lump sum paid to the member from the particular super fund accrued while the member was a member of the fund

Some or all of the disability super lump sum paid to the member from the particular super fund accrued while the member was employed by an employer who contributed to the fund for the member in respect of a period of employment that commenced before the member joined the fund

This means Kevin's super lump sum will have a tax - free component of 25 % and a taxable component of 75 %.

It is paid and taxed as a normal super lump sum.

The start day of the service period for the disability super lump sum paid from XYZ Super Fund will be 13 March 2007.

The start day of the service period for the disability super lump sum paid from Big Super Fund will be 10 July 2009.

Under taxation law, a person is included in the definition of a death benefit dependant if they receive a super lump sum because the deceased died in the line of duty.

If the non-member spouse uses the member spouse's super lump sum amount to start a new super income stream, the new income stream will give rise to a credit in their transfer balance account and will count towards their transfer balance cap.

Both the member spouse and the non-member spouse will receive a debit in their transfer balance accounts for the value of the super lump sum they receive.

Your fund does not have to give you a payment summary when they make a tax - free super lump sum payment and you don't need to include the amount on your tax return.

A payment can only be a rollover super benefit if it first qualifies as both a super lump sum and super member benefit.

The untaxed plan cap applies separately to each fund you receive a super lump sum from.

If you receive one or more super member benefits that are super lump sums in an income year, the LRC amount is reduced for the next income year by the total of the amounts that both:

Note: From 1 July 2017 partial commutation payments are treated as super lump sums for tax purposes and do not count towards minimum annual pension payment requirements.

the member's account balance is no longer seen as supporting a TRIS and t any payments made during the year (not just the amount in excess of the limit) will be super lump sums for income tax purposes and lump sums for SIS Regulations purposes

Any payments made to the member during that income year are treated as super income stream benefit payments (that is, pension payments) and not super lump sums.

Any payments made during the year will be super lump sums for both income tax and SIS Regulations purposes.

Not exact matches

When you roll over a lump sum for your member after they have satisfied a condition of release, if they chose to move their benefits to another super fund.

If you're between your preservation age and 60 years old and receive a lump sum super benefit that includes a taxable component, you must include it in your tax return.

The tax treatment of both super and death benefits is also affected by whether the benefits are paid as a lump sum or income stream (regular payments).

On 17 October 2014, she gets a lump sum super benefit of $ 11,000.

He receives his first lump sum super payment of $ 300,000 on 25 July 2015.

A self - managed super fund (SMSF) can pay benefits in the form of a lump sum, an income stream (pension) or a combination of both, provided the payment is allowed under super law and the fund's trust deed.

A lump sum payment made to a beneficiary because of the death of an employee or super fund member that is made within six months of death or three months of probate being granted.

You may be able to withdraw your super in several lump sums.

Your fund must pay your super to you as a lump sum.

The agreement with your fund determines whether you can change a non-account based income stream into a lump sum and whether you can leave any super to a beneficiary when you die.

If you take a lump sum out of your super, it is no longer considered to be super.

From 1 July 2017, you will no longer be able to elect to treat your super income stream benefits (that is, the periodic payments you receive) as lump sums for tax purposes.

A withdrawal and re-contribution strategy involves withdrawing a lump sum from super and then re-contributing the money back as a tax - free non-concessional (after tax) contribution.

There are restrictions on when you can withdraw your super and whether you can withdraw a lump sum or start a pension

When you retire, you can choose to get your super as a lump sum, a regular income stream (for example, $ 400 a month), or a combination of both.

If the non-member spouse does not use the lump sum to start a super income stream, their transfer balance account will not be affected.

If you commute part of a retirement - phase super income stream and pay the commuted lump sum to your former spouse as part of a payment split

converting part of their super income stream into a lump sum («commuting» it), which is then paid to the non-member spouse, or

This means until the member has satisfied a condition of release with a «nil» cashing restriction, any unrestricted non-preserved benefits of theirs allocated to the TRIS (which would otherwise be fully accessible as a lump sum super benefit) are diminished by the annual pension payments from the TRIS.

If a member has a terminal medical condition and two medical professionals certify that the condition is likely to result in the member's death in the next 24 months, the balance of their super account may be paid as a tax - free lump sum benefit.

Taking your super as a lump sum can have tax and Centrelink implications and is often not the best way to deal with your super.

You can choose to receive your super as a lump sum, a regular income stream (e.g. $ 400 a month) or a combination of both.

You can take a lump sum payment from your super fund when you retire.

In return for a lump sum from your super or other savings, a life insurance company promises to pay you a guaranteed income for a period of time, or for the rest of your life.

To withdraw money from your super fund, either as a lump sum or through a regular pension (known as an «income stream»), you must meet a «condition of release».

You can choose to receive your super as a lump sum, a retirement income stream (e.g. $ 600 a fortnight), also known as an account - based pension, or a combination of both.

Non-dependent beneficiaries will only be able to receive super death benefits as a lump sum.