Jacinta Bailey, 57 years of age, has $330,000 in superannuation money (tax-free amount of $148,500 with the remainder being a taxable [taxed] amount) that she has taken to an income-stream provider who has offered her a payment of $37,000 annually in arrears for the next 15 years with no residual value at this time. Given that Jacinta is on a 32.5% marginal tax rate, calculate how much tax Jacinta is likely to pay each year on the $37,000 annual income-stream until the time she turns 60 and the amount of tax payable thereafter?

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The Answer of Jacinta Bailey, 57 years of age, has $330,000 in superannuation money (tax-free amount of $148,500 with the remainder being a taxable [taxed] amount) that she has taken to an income-stream provider who has offered her a payment of $37,000 annually in arrears for the next 15 years with no residual value at this time. Given that Jacinta is on a 32.5% marginal tax rate, calculate how much tax Jacinta is likely to pay each year on the $37,000 annual income-stream until the time she turns 60 and the amount of tax payable thereafter?

Jacinta Bailey, 57 Years of Age, Has $330,000 in Superannuation