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rakhi.v
rakhi.v, Tax Attorney
Category: Tax
Satisfied Customers: 4542
Experience:  Have graduated in Law with specialization & emphasis in Financial Laws and has working experience of over a decade.
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Last year my siblings and I inherited my mothers super of

Customer Question

Hi There,
Last year my siblings and I inherited my mothers super of $14,817.94 each in which we were taxed heavily $4,817.94 each before receiving an amount of $10,000 each. Will there be any further taxes paid during this tax time or am I expected to receive money back??
Submitted: 11 months ago.
Category: Tax
Expert:  rakhi.v replied 11 months ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

If you are a superannuation dependant but not a tax dependant, a 15% tax will be paid on the taxable component of the lump sum and the tax-free component will be received tax free.

So, in your case, your net tax amount should not be more than 2000-2100 $. The remaining amount should come back to you by refund.

Kindly refer the following.

https://www.ato.gov.au/individuals/deceased-estates/superannuation-death-benefits/

I am sure this would help.

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Warm Regards,