I am a 76 year old full pensioner with no other source of income except a very small amount of interest. I withdrew a lump sum of $35000 from my super in the last financial year. Filling out my online tax return today I entered that lump sum amount and filled in the tax free box for that amount. After this the tax calculation estimated tax of over $6000 by adding my pension amount and my lump sum amount. I was told by two sources that my lump sum withdrawal was tax free and so I am a bit confused and would appreciate an explanation.
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2 replies
67 views
2 replies