invalidity amount compensation for personal injury, unfair dismissal, harassment or discrimination. Life benefit ETP Under preservation Up to the 32% Smallest of – taxable component age relevant cap ETP cap and amount Payment is: cap a ‘golden handshake’ Preservation age or Up to the 17% Smallest of non-genuine over relevant cap ETP cap and redundancy payment amount severance pay cap a gratuity All ages Amount above 47% Smallest of in lieu of notice the relevant cap ETP cap and for unused sick leave amount for unused rostered income cap days off. Death benefit ETP paid to All ages Up to the ETP 32% ETP cap non-dependants taxable cap amount – component Amount above 47% ETP cap the ETP cap amount Death benefit ETP paid to All ages Up to the ETP Nil ETP cap dependants taxable cap amount – component Amount above 47% ETP cap the ETP cap amount Death benefit ETP paid to Nil a trustee of a deceased estate 1. The ETP cap amount for the 2017-18 year is $200,000. The amount is indexed annually. 2. The whole-of-income cap amount for the 2017-18 income year and future years is $180,000. This amount is not indexed. Tax table for superannuation lump sums (NAT 70981) Table A: Withholding rates for super lump sums Type of payment and tax Age of person at the Amount subject to Rate of component date the payment is PAYG withholding withholding received Member benefit taxed Under preservation Whole amount 22% – element of the taxable age component Amount up to low rate Preservation age to 59 Nil cap
invalidity compensation for personal injury, unfair dismissal, harassment or discrimination. amount Life benefit ETP – taxable component Payment is: a ‘golden handshake’ non-genuine redundancy payment severance pay a gratuity in lieu of notice for unused sick leave for unused rostered days off. Under preservation age Up to the relevant cap amount 32% Smallest of ETP cap and cap Preservation age or over Up to the relevant cap amount 17% Smallest of ETP cap and cap All ages Amount above the relevant cap amount 47% Smallest of ETP cap and cap Death benefit ETP paid to non-dependants – taxable component All ages Up to the ETP cap amount 32% ETP cap Amount above the ETP cap amount 47% ETP cap Death benefit ETP paid to dependants – taxable component All ages Up to the ETP cap amount Nil ETP cap Amount above the ETP cap amount 47% ETP cap Death benefit ETP paid to a trustee of a deceased estate Nil 1. The ETP cap amount for the 2017-18 income year is $200,000. The amount is indexed annually. 2. The whole-of-income cap amount for the 2017-18 income year and future years is $180,000. This amount is not indexed. Tax table for superannuation lump sums (NAT 70981) 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% Preservation age to 59 Amount up to low rate cap Nil