Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Current HansardDownload Current Hansard   

Previous Fragment    Next Fragment
Wednesday, 13 June 1984
Page: 2980

(Question No. 817)

Senator Messner asked the Minister representing the Treasurer, upon notice, on 5 April 1984:

(1) How many people receiving lump sum superannuation payments in the 1981-82 financial year received amounts in the following ranges:

(a) Under $5,000;

(b) $5,000-$10,000;

(c) $10,000-$15,000;

(d) $15,000-$20,000;

(e) $20,000-$25,000;

(f) $25,000-$30,000;

(g) $30,000-$35,000;

(h) $35,000-$40,000;

(i) $40,000-$45,000;

(j) $45,000-$50,000;

(k) $50,000-$60,000;

(l) $60,000-$70,000;

(m) $70,000-$80,000;

(n) $80,000-$90,000;

(o) $90,000-$100,000;

(p) $100,000 and above.

(2) Are figures available for any later years; if so, can they be provided according to the same divisions.

Senator Walsh —The Treasurer has provided the following answer to the honourable senator's question:

(1) Available income tax statistics as to lump sums in respect of which 5 per cent is assessable relate mainly to superannuation payments but also include amounts in respect of long service leave accrued prior to 16 August 1978 and certain other payments made on termination of employment. The relevant statistics are not classified by size of lump sum, but some information has been obtained from a sample of returns of taxable and non-taxable individuals for the 1981-82 income year that included lump sums assessable as to 5 per cent of the payments. The expanded results of the sample showing the numbers of taxpayers in each range are as follows:

Number Grade of lump sum payment

of people

$ $

'000 under-5,000 159.1 5,000-9,999 19.3 10,000-14,999 10.4 15,000-19,999 4.7 20,000-24,999 3.9 25,000-29,999 3.2 30,000-34,999 1.6 35,000-39,999 1.7 40,000-44,999 1.3 45,000-49,999 .6 50,000-59,999 1.9 60,000-69,999 1. 3 70,000-79,999 1.3 80,000-89,999 .5 90,000-99,999 .6 100,000 & over 2.4

Total 213.8

The results should be interpreted with caution because of the smallness of the sample on which they were based-2,876 returns out of a population of 212,514 taxpayers (with lump sum payments totalling $1,785m) whose returns were dealt with under the computer-assisted assessing process.

(2) Similar figures are not yet available for later years. However, it is mentioned that there has been significant growth in the number of taxpayers with lump sum payments in the 1982-83 income year. Based on data from returns assessed to the middle of May 1984 it is estimated that the comparable numbers for the 1982-83 income year will be 270,000.