Withdraw ATO help-super for 67 year old

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WendyATO · Answer

When your dad has ATO-held super (https://www.ato.gov.au/forms/application-for-payment-of-ato-held-superannuation-money/#EligibilityCriteria) and he may be eligible to claim directly meeting 65 years old or older criteria and if the money relates to USM, SHA special account and SG credits. The amount of tax apply will depend on income component and age when payment is received. Generally, anyone that is over 60 years or more nil tax will apply. I'm not sure why it states an estimate $1,300 and 45% tax being withheld where did you see this? You can refer to the super lump sum tax table (https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=11) which will provide situations where 45% tax may need to be withheld. Unfortunately, there no way around it if that much tax needs to be withheld. If your dad lodges a tax return, he may be entitled to a refund. It will depend on whether he has any deductions to declare or any offsets that apply. He won't get the full tax amount back.

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