| Age | Taxable component – Taxed element 2013/14 |
Taxable component – Taxed element 2014/15 |
| Aged 60 and above | Both Lump Sums and Pensions are tax free (not assessable, not exempt income) | Both Lump Sums and Pensions are tax free (not assessable, not exempt income) |
| Preservation to age 59 | Lump sums – 0% tax up to the Low rate cap amount (Any amount above low rate cap is subject to 15% tax)
Pensions at marginal tax rates (15% tax offset available) |
Lump sums – 0% tax up to the Low rate cap amount (Any amount above low rate cap is subject to 15% tax) Pensions at marginal tax rates (15% tax offset available) |
| Below preservation age and condition of release met (i.e. terminally ill) | 20% tax | 20% tax |
Accountants | Advisors