(Superannuation lump sum, low capamount)

Stan Eckhardt, aged 57, received a superannuation lump sum of $310,000 from his superannuation fund upon retirement on 15 April 2018. PAYG tax of $28,170 was withheld from the lump sum. The lump sum comprised entirely of an element taxed in the fund.

Stan also received gross wages of $85,000 up to the date of his retirement.PAYG tax of $22,110 was withheld from Stan's wages. Stan has adequate private health insurance.

a)Calculate Stan's taxable income for the 2017/18 taxyear.

This is my answer for part a

Computation of taxable income for 2017-2018 :

Receipt from Superannuation fund = $310,000

Receipt from annual wages= $85,000

Total income for the year 2017-2018= $395,000

Note: In the United States of America Superannuation fund is not tax deductible and hence any receipt from superannuation fund is taxable in the year of receipt.

b) Tax Payable/Refundable

This is my answer for part b but I am not sure of my answer for The Lump sum tax offset which is =148,310 and under my answer its my working how I get this answer for theThe Lump sum tax offset.

Taxable income = 395,000

Tax on taxable income = 54,232 + 45%* (395,000 -180,000 ) =150,982

Less : Lump sum tax offset =148,310

Add : Medicare levy= 2% * (395,000 -200,000) =3900

Less: PAYG tax withheld =$28,170 + 22,110 = 50,280

Tax refundable =-43,708

Working on Lump sum tax offset :

Tax on taxable income = 54,232 + 45%* (395,000 -180,000 ) =150,982

Less : Tax wages= 3,572 + 32.5% *(85,000 - 37,000 )= 19, 172

Less : Tax on lump sum = (15% *110,000 ) = 16500

19, 172 - 16500 = 2672

150,982-2672 = 148,310

Could you please show me how do we calculate the low cap which is should be on part a and for part be show me you're working for the The Lump sum tax offset.