Nadia Seffener, aged 57, immediately withdrew $250,000 from a taxed superannuation fund upon her retirement in May 2014. Nadia's accumulated superannuation balance on retirement has a tax-free component of 30%. Ignoring the Medicare levy, advise Nadia how much tax will be payable.

Question

Quizplus · Accepted Answer

Since Nadia is aged 57 and has retired, the entire withdrawal from her superannuation fund is tax-free. In Australia, once you are over the age of 60, withdrawals from a taxed superannuation fund are tax-free. Even though Nadia is under 60, the question does not provide information suggesting that the withdrawal would be taxable, and it mentions a tax-free component, which further supports the tax-free nature of the withdrawal.

Nadia Seffener, Aged 57, Immediately Withdrew $250,000 from a Taxed