Domenic is 62 years old and he receives an income stream from his superannuation fund of $50,000 per year. The income stream is paid from a taxed element in the fund. What rate of tax (plus Medicare levy) would Domenic pay on this income stream for the year ended 30 June 2020?

Question

Quizplus · Accepted Answer

For individuals over the age of 60, income streams from a taxed superannuation fund are tax-free. Therefore, Domenic would not pay any tax on his superannuation income stream.

Domenic Is 62 Years Old and He Receives an Income