I withdrew $10,000 from my super due to financial hardship, $2100 was taken for tax.
When I do my tax return this financial year, I’m wondering if anyone knows roughly how much of that money do you get back, if any?
Thanks.
Tax rate on super is 20% or marginal tax rate whichever is lower.
Tax on super benefits | Australian Taxation Office
Marginal tax rate on $40,000 is 16%
Tax rates – Australian resident | Australian Taxation Office
Should be refunded about $400 of the $2,100 withheld.
Without knowing what your other taxable income is then an answer can't be provided.
Taxable income roughly $40,000 with the super withdrawal included.
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