Toulouse, aged 85, has $300,000 superannuation balance all of which is taxable. She also has a $700,000
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Question:
Toulouse, aged 85, has $300,000 superannuation balance all of which is taxable. She also has a $700,000 life insurance policy incorporated within her superannuation policy. Toulouse does not have any surviving spouse and has only one daughter, Shilka, who is not a tax dependent family member. Toulouse has completed a binding death benefit nomination naming Shilka as her sole heir. Unfortunately, Toulouse is killed in a boating accident while returning from a riverboat cruise.
Extra information: Shilka's tax rate is 32 per cent and the full benefit is taxable.
Withholding tax rates:
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
- How much tax will be deducted by the trustees from Shilka's inheritance?
- What will be the total tax payable on the superannuation payout?
- If Shilka is not satisfied with the calculation and payout, is she able to approach an organisation to formally complain and seek an alternate remedy? explain why or why not.
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