supertaxrate2011.docVIP

Superannuation and Retirement Planning Fact Sheet 2010/11 Table 1: Individual tax rates for 2010-2011 Taxable Income Tax ______________________________________________________________ $0 - $6,000 Nil ______________________________________________________________ $6,001 - $37,000 Nil plus 15 cents for each $1 over $6,000 ______________________________________________________________ $37,001 - $80,000 $4,650 plus 30 cents for each $1 over $37,000 ______________________________________________________________ $80,001 - $180,000 $17,550 plus 38 cents for each $1 over $80,000 ______________________________________________________________ $180,001 and over $54,550 plus 45 cents for each $1 over $180,000 ______________________________________________________________ Note: This scale does not allow for current Medicare Levy or Low-income offset Table 2: Superannuation lump sum tax rates ______________________________________________________________ 2010/2011 Taxed Untaxed ______________________________________________________________ Up to 55 20% 30% to $1.155 million 45% on balance ______________________________________________________________ 55 to 60 Up to $160,000 Nil 15% to $160,000 Excess over $160,000 15% 30% to $1.155 million 45% on balance ______________________________________________________________ Over 60 Nil 15% to $1.155 million 45% on balance ______________________________________________________________ Medicare levy must also be added to the tax rates except where the nil rate applies.  Table 3: Employment Termination Payment tax rates ______________________________________________________________ 2010/2011 Untaxed ______________________________________________________________ Up to 55 30% to $160,000 45% on balance ________________________________________________