Most helpful replyATO Certified Response
Author: JodieR_ATO(Community Support)Community Support ATO Certified Response19 Oct 2021Hi @EmilyJS27, When we receive your FHSS released amounts from your super fund, we'll withhold tax at either: - your expected marginal tax rate, including Medicare levy, less a 30% offset, or - 17% if we're unable to estimate your expected marginal rate. Assuming you request your FHSS release in 2021-22, taxable income of $108,350 means your tax rate would be 4.5%. This is based on a marginal rate of 32.5% plus Medicare levy (2%) minus 30% offset. You'll receive a payment summary that includes the assessable amount and tax withheld. When you lodge your tax return we'll know your actual marginal tax rate and recalculate your tax liability. We'll take into account any tax we've already withheld as well as the 30% tax offset. Individual tax rates - https://www.ato.gov.au/rates/individual-income-tax-rates/
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