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If no untaxed element is applicable to this lump sum benefit the components would be:
This would result in a non-tax dependant lump sum benefit recipient paying 15% plus medicare on a taxable benefit paid directly from the superannunation fund (Medicare is not payable if paid via the estate.)
The tax would therefore be $0 plus medicare levy.
If an untaxed element is applicable to this benefit, it is calculated in accordance with Section 307-290 of the ITAA. The components would be altered as follows:
The lump sum tax payable would now be $ on the Taxed Taxable component and $ on the Untaxed Taxable component plus medicare levy. This is total tax payable of , an increase of .