Edward is 58 years old and he receives a lump sum from his superannuation fund of $180,000. If Edward has not previously used any of his low rate cap amount and if the lump sum payment is paid from a taxed element in the fund, what rate of tax (plus Medicare levy) would Edward pay on this lump sum for the year ended 30 June 2020?
A) 15%
B) 0% on the whole payment as he is under 60
C) 0% on the first $210,000 and so 0%.
D) 47% on the whole payment as he is under 60.
Correct Answer:
Verified
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