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[]
[]
[null,null,"Death benefit superannuation lump sums"]
[]
[]
[]
[]
[null,null,"Note, for multiple payments, prepare separate calculations for each payment."]
[]
[null,null,"Deceased member's details"]
[]
[null,null,"Name of deceased"]
[]
[null,null,"Date of birth",null,null,null,null,{"$f":"IF(F14=\"\",\"\",\"Current age is \"&DATEDIF(F14,TODAY(),\"y\"))","v":""}]
[null,null,"Date of death",null,null,null,null,"65th birthday",null,{"$f":"IF(F14=\"\",\"\",DATE(YEAR(F14)+65,MONTH(F14), DAY(F14)))","v":""}]
[null,null,"Last retirement day",null,null,null,null,{"$f":"IF(OR(F14=\"\",F16=\"\"),\"\",\"Age at retirement is \"&DATEDIF(F14,F16,\"y\"))","v":""}]
[]
[null,null,"Beneficiary's or estate's details"]
[]
[null,null,"Name of beneficiary or estate"]
[null,{"$f":"IF(F21<>\"Non-dependant\",\"Yes\",\"No\")","v":"Yes"},"Payment being made to?"]
[null,null,"Beneficiary's or estate's TFN provided?"]
[null,null,"Is the beneficiary an Australian tax resident?"]
[]
[null,null,"Superannuation and insurance information"]
[]
[]
[null,null,"Did super policy have insurance cover?"]
[]
[null,null,"Amount of death benefit from super account",null,null,null,null,"Service days",{"$f":"F15-F37+1","v":1},null,null,null,null,null,"Service days",null,{"$f":"MAX(0,F15-F37+1)","v":1}]
[null,{"$f":"IF(F28<>\"Yes\",\"No\",\"Yes\")","v":"No"},"Amount of death benefit from insurance cover",null,null,null,null,"Date of retirement",{"$f":"IF(F15>F16,0,F16-F15)","v":0},null,null,null,null,null,"Days to retirement",null,{"$f":"MAX(0,F16-F15)","v":0}]
[null,null,"Total death benefit superannuation lump sum",null,null,{"$f":"IF(OR(F28=\"\",F30=\"\"),\"\",IF(AND(F28=\"No\",F31>0),F30,IF(F28=\"\",0,F30+F31)))","v":""},null,null,{"$f":"IF(OR(F28=\"No\",F31=0,F31=\"\"),0,$F$32*$I$30/($I$31+$I$30)-F45)","v":0},{"$f":"IF(F38>F32,F32,F38)","v":0}]
[]
[]
[null,null,"   Taxation details",null,null,null,null,null,null,null,null,null,null,null,"Formula",null,{"$f":"F32*Q30/(Q30+Q31)","v":{"$error":"#VALUE!"}}]
[]
[null,null,"Service period start date",null,null,null,null,null,null,null,null,null,null,null,"Taxed element",null,{"$f":"MAX(0,Q35-F38)","v":{"$error":"#VALUE!"}}]
[null,null,"Tax free component"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Untaxed element",null,{"$f":"MAX(0,F32-F38-Q37)","v":{"$error":"#VALUE!"}}]
[null,null,"Components of death benefit superannuation lump sum"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Tax free",null,{"$f":"MIN(F38,F32)","v":0}]
[null,null,null,null,null,"Gross payment",null,"PAYG withholding",null,"Net payment"]
[]
[null,{"$f":"IF(OR(F14=\"\",F15=\"\",F16=\"\",F15<=F14,F16<=F14,F37<F14,F21=\"\",F22=\"\",F30=\"\"),\"No\",IF(AND(B21=\"No\",F23=\"\"),\"No\",\"Yes\"))","v":"No"},"Tax free component",null,null,{"$f":"IF(B45=\"No\",\"\",J32)","v":""},null,{"$f":"IF(F45=\"\",\"\",0)","v":""}]
[null,null,"Taxable component (taxed element)",null,null,{"$f":"IF(B45=\"No\",\"\",IF(I32<0,0,IF(OR(F28=\"No\",F31=0),F32-F45,I32)))","v":""},null,{"$f":"IF(H45=\"\",\"\",IF(OR(F21=\"Dependant\",F21=\"Estate\"),0,IF(F22=\"No\",IF(F23=\"Yes\",F46*0.47,F46*0.45),IF(F23=\"Yes\",F46*0.17,F46*0.15))))","v":""}]
[null,null,"Taxable component (untaxed element)",null,null,{"$f":"IF(B45=\"No\",\"\",MAX(0,F32-F45-F46))","v":""},null,{"$f":"IF(H45=\"\",\"\",IF(OR(F21=\"Dependant\",F21=\"Estate\"),0,IF(F22=\"No\",IF(F23=\"Yes\",F47*0.47,F47*0.45),IF(F23=\"Yes\",F47*0.32,F47*0.3))))","v":""}]
[null,null,null,null,null,{"$f":"IF(F47=\"\",\"\",F45+F46+F47)","v":""},null,{"$f":"IF(H45=\"\",\"\",H46+H47)","v":""},null,{"$f":"IF(F48=\"\",\"\",F48-H48)","v":""}]
[null,null,"ASSUMPTIONS"]
[]
[null,null,"  1. All death benefits are paid in the form of a superannuation lump sum."]
[null,null,"  2. A qualifying condition of release is satisfied at the time of the superannuation lump sum payment is assumed to be made. "]
[null,null,"  3. No Medicare Levy is withheld if the beneficiary is not an Australian tax resident."]
[null,null,"  4. The net payment is less the PAYG amount withheld. This may differ from the tax assessed in an individual's tax return."]
[null,null,"  5. The superannuation fund trustee claims the premiums as a tax deduction."]
[null,null,"  6. The untaxed element of the taxable component is created where death benefit includes insurance component."]
[null,null,"  7. Insurance cover held is being funded through a taxed superannuation scheme."]
[]
[null,null,"Important Disclaimer: This information is a summary based on OnePath’s understanding of current legislation as at 1 July 2019. It is general in nature and may not be relevant to individual circumstances. You should not do or refrain from doing anything in reliance on this information without obtaining suitable professional advice. This calculator is for adviser use only and may not be reproduced without prior written permission from OnePath Life Limited. OnePath Technical Services 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 in this publication that may impact their tax obligations, liabilities or entitlements.     "]