How much tax will steve pay on benefit this financial year

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Reference no: EM132034761

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

Reference no: EM132034761

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