I intend to make a lump sum withdrawal of $20,000 from an untaxed super fund. It will come from the 'taxable element' of the fund. My understanding is that the fund must withhold 17% tax ($3400). My question is this: if I have no other income for the tax year and i include the $20,000 as taxable income and the $3400 withholding tax on my tax return, will I be due a refund of the withholding tax (taking into account tax-free threshold of $18200 and Low-Income tax offset taking the tax-free limit up to around $22,000).
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1 replies