Question

Liam retired on 1 july of the current tax year at the age of 53 because he was made permanently disable from a work related accident. He received a payment on termination of $900,000 from his superannuation fund. $200,000 was a tax free component in the fund and the remained was from the taxable component. Assume that the fund is a taxed fund. What tax if any is liam liable for

Answer 1

Answer:

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Liam retired on 1 july of the current tax year at the age of 53 because he was made permanently disable from a work related accident. He received a payment on termination of $900,000 from his superannuation fund. $200,000 was a tax free component in the fund and the remained was from the taxable component. Assume that the fund is a taxed fund. What tax if any is liam liable for