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Preseved benefit less than $200 upon termination

Section: 7.12

Where a member terminates their employment and the balance of the super account is less than $200, the superannuation balance can be paid as a tax free lump sum superannuation member benefit. A member may access their super if they found a 'lost super' account with a balance less than $200.

Where the lump sum superannuation benefit is less than $200 and the payment represents the entire interest within the superannuation fund, the payment is tax-free.

This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements.

Last modified: Thursday, September 17, 2020