Anton is 59 years old and reached his preservation age. He received a lump sum payment from
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Question:
Anton is 59 years old and reached his preservation age. He received a lump sum payment from taxed elements in his superannuation fund of $240,000.
Required:
(a) If Anton has not previously used any of his low rate cap amount, calculate the tax payable (plus Medicare levy) by Anton on this lump sum payment for the current tax year. Justify your answer.
(b) Recalculate the tax payable (plus Medicare levy) by Anton on this lump sum payment for the current tax year if the same facts as in part (a) apply except that the lump sum distribution is received from untaxed elements in his superannuation fund. Justification is NOT required.
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0134141084
11th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
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