The following are the current rates relating to certain
termination and social security payments.
WARNING: Tax changes occur regularly check before you act!
CSS/PSS SUPERANNUATION MAXIMUM BENEFITS
PSS Maximum Benefits for year commencing 01-07-95 Members FAS Maximum Benefit less than $30489 $243,909 $30,489 to $48,750 8 times FAS $48,750 to $90,520 $97,500 + 6 times FAS over $90,520 $369,060 + 3 times FAS
CSS/PSS SUPERANNUATION PRODUCTIVITY PAYMENTS
CSS and PSS productivity payments from 1 July 1995 are:
Salary < $985.33 $29.56
$985.33 - $1587.33 $3% of salary
$1587.33 - $2381.00 $47.62
Salary > $2381.00 $2% of salary
Membership 1990 307,706
Date Determined 1-07-96 Membership 1996 75,890
CSS Exit Rates 6.2% Rates are effective from
PSS Exit Rates 1-7-96 to those who retire
after date determined.
CSS Crediting Rate for year 1995/96 7.3%
PSS Crediting Rate for year 1995/96
Date Determined 1-07-95 11-12-95
CSS Exit Rates 7.3% 7.7% Rates are effective from
PSS Exit Rates 7.3% 7.6% 1-7-95 to those who retire
after date determined.
CSS Crediting Rate for year 1994/95 7.1%
PSS Crediting Rate for year 1994/95 7.2%
SUPERANNUATION - TAX RATES AND THRESHOLD AMOUNTS
WARNING: Tax changes occur regularly check before you act!
Superannuation: July 1983
On retirement employer contributions must be preserved
else tax penalty. Age 55 is important.
1st July 1983 is an important date.
On the pre 1983 component, only 5% is taxable.
On the post 1983 component, tax of up to 31.5% is payable.
(The formulae here is more complex)
Rates as from 1st July 1994
Lump Sum Threshold $79,586 Medicare levy 1.4%
Tax Rates on Post 1983 Component
Elements Taxed Untaxed
Under Age 55 Whole 21.4% 31.4%
Over age 55 $0-$79,586 Nil 16.4%
Over $79,586 16.4% 31.4%
Tax Rates on Pre 1983 Component
Lump sums are taxable as follows:
5% of lump sum is added to your taxable income.
Thus tax is usually less than 2.5% on your lump sum.WARNING: Tax changes occur regularly check before you act!
LSL accrued before 15 August 1978:
Only 5% of the lump sum is added as income. The 5% sum is thus
taxed at your full marginal rate.
LSL accrued between 15 August 1978 and 17th August 1993:
The whole lump sum is added as to your income but a rebate is paid
to ensure that the rate of tax does not exceed 30% plus the
Medicare levy.
LSL accrued after 17 August 1993:
The whole lump sum is added as income. The lump sum portion is
thus taxed at the full marginal rate.
LSL accrued after 17 August 1993: (if Redundant)
The whole lump sum is added as to your income but a rebate is paid
to ensure that the rate of tax does not exceed 30% plus the
Medicare levy.
To calculate the proportions, determine the total years of service and simply determine the number of years that fall into the above categories. eg if 30 years service in 1997, then 11/30th of the lump sum is pre 1978. If LSL has been taken, more complex calculations are required.
Redundancy Lump Sum
This is usually a direct proportion to the number of years of
service eg 2 weeks leave for each year of service.
New rules apply here.
There is a tax free component calculated as follows:
$4548 plus $2274 for each year of service (As at 1 Jul 1997)
The balance is added to your income and is thus taxed at your top
marginal rate.
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