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How much withdrawal tax apply to the total withdrawal amount

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Reference no: EM132759999

Beth is 59 years old and has a balance of $520000 in her accumulation fund. She has a $52000 tax-free component and a $468000 taxable component (taxed element). Beth satisfies a condition of release and withdraws a lump sum amount of $280000.

Problem 1: For the 2020/21 financial year, how much withdrawal tax (including the Medicare Levy) would apply to the total withdrawal amount?

Select one:

a. $6290.00
b. $47600.00
c. $42840.00
d. $5550.00

Reference no: EM132759999

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