Taxation on Super
Jun 8th 2009, 10:07 pm
#1
Forum Regular
Thread Starter
Joined: Nov 2007
Posts: 90
Taxation on Super
Hello,
How much tax one has to pay if he wants to retrieve the tax on 457 visa. I ready this
"From 1 April 2009, there are new withholding tax rates for these payments. If the application was made on or after 1 April 2009, the new withholding tax rates apply.
These rates are:
* 0% for the tax-free component
* 35% for a taxed element of a taxable component
* 45% for an untaxed element of a taxable component."
Ref: http://www.ato.gov.au/super/content.....htm&page=8&H8
But couldn't able to understand under which category I will fall.
How much tax one has to pay if he wants to retrieve the tax on 457 visa. I ready this
"From 1 April 2009, there are new withholding tax rates for these payments. If the application was made on or after 1 April 2009, the new withholding tax rates apply.
These rates are:
* 0% for the tax-free component
* 35% for a taxed element of a taxable component
* 45% for an untaxed element of a taxable component."
Ref: http://www.ato.gov.au/super/content.....htm&page=8&H8
But couldn't able to understand under which category I will fall.
Jun 9th 2009, 3:58 am
#2
BE Forum Addict
Joined: Mar 2009
Posts: 1,289
Re: Taxation on Super
Tax-free component: There is a long list of item that make up this component (too many to list here - google it). You may have a tax-free component or you may not. If you do, there is 0% tax on it when you withdraw it.
Taxed element of taxable component: The amount under this heading has been subject to 15% contributions tax in the fund.
Untaxed element of taxable component: The amount under this heading has not been subject to 15% contributiuons tax in the fund.
Your super fund admin dept will know exactly which of the above elements your fund has - and tax you accordingly when you apply to withdraw your super. You cannot work this out yourself in advance.
