Cedric cease to be gainfully employed at the age of 43, which ironically was his birthday, which was on the 26th January, 2024. Cedric commenced his employment on 26 January, 1996 and would have retired if not for his injury, on his birthday, 26 Jan 2043, being his birthday. The amount his superannuation fund pays as a lump sum invalidity benefit is $3,501,474 of which $1,357,714 is tax free and a taxable component of $2,143,760. Please calculate the lump sum disability payout, which addresses all the taxed and untaxed components with the calculations, including any medicare components.

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To calculate the lump sum disability payout for Cedric we need to consider the taxed and untaxed com... View the full answer