The Tax Questions Blog

Posts Tagged ‘is superannuation taxable in india’

Question: Does superannuation payout get called your taxable income. There was no other money earned during the year.?

My husband had to retire from work due to disability. He receives no payments from Centrelink or any other concessions. When he gave up work he was paid out his superannuation (he was 55). Does this superannuation now become his taxable income for the next tax year?

Answer: Another vague question:

There are defined benefit plans and defined contribution plans. Which one is a recipient of? He appears to have received a lump sum distribution at the end of his career. Please look at his 1099R form box 1 and box 2 to see if box 2 has a figure in it.

Ask him if this was a 401K, 403B or Defined Contribution Plan. Are there any qualified domestic relations orders associated with this? Is this a disability payment. If so, he may qualify for other tax credits.

Ditching GST exemption `not worth it'

THE government's main objection to scrapping the GST exemption for overseas websites is believed to be costs.

Question: payroll tax what is included?

are all of these included in payroll tax
-ordinary wages and salaries
-taxable value of fringe benefit and
-employer superannuation contributions

Answer: For Victoria and NSW - yes.
Other states and territories I can't say - but I'm guessing yes - those three are the common ones.
Check out the SRO for each state and each territories.

Older volunteers deserve to pass super work test

There is a lack of interest from both sides of politics when it comes to the work test for people aged 65 and older.