. Penelope is currently between her preservation age and 60 years of age with a superannuationbalance of $1,000,000 which is a 100% taxable component. She tells you that she needs access to$100,000. She could withdraw $100,000 as an income stream or she could withdraw $100,000 partlyas an income stream and partly as a lump sum withdrawal (e.g. as a combination). Assuming she hasno other assessable income, calculate the tax payable under both options and thus show which option ispreferable
Question
. Penelope is currently between her preservation age and 60 years of age with a superannuationbalance of 100,000. She could withdraw 100,000 partlyas an income stream and partly as a lump sum withdrawal (e.g. as a combination). Assuming she hasno other assessable income, calculate the tax payable under both options and thus show which option ispreferable
Solution
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Nadine, a 20 year- old student, with one child and no partner, lives at home to receive help for child care. Her parents' income is $65,000 a year. She earns $600 a fortnight in a casual job and her income bank balance is $0. Her allowance is calculated in the following way: ___________________________. A.= 389.40 - [ 47.50 +0.60 x (600 -575) ] - 0.20 x [ (65,000 -58,108)/26 ]B.= 720.40 - [ 47.50 +0.60 x (600 -575) ]C.= 389.40 - [ 47.50 +0.60 x (600 -575) ]D.= 389.40 - [0.50 x (600 -480) ]E.= 720.40 - [0.50 x (600 -480) ]F.= 720.40 - [ 47.50 +0.60 x (600 -575) ] - 0.20 x [ (65,000 -58,108)/26 ]
Nadine, a 20 year- old student, with one child and no partner, lives at home to receive help for child care. Her parents' income is $65,000 a year. She earns $600 a fortnight in a casual job and her income bank balance is $0. Her allowance is calculated in the following way: ___________________________. A.= 389.40 - [ 47.50 +0.60 x (600 -575) ]B.= 720.40 - [ 47.50 +0.60 x (600 -575) ]C.= 720.40 - [0.50 x (600 -480) ]D.= 720.40 - [ 47.50 +0.60 x (600 -575) ] - 0.20 x [ (65,000 -58,108)/26 ]E.= 389.40 - [ 47.50 +0.60 x (600 -575) ] - 0.20 x [ (65,000 -58,108)/26 ]F.= 389.40 - [0.50 x (600 -480) ]
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