Lisa is 59 years old and has permanently retired from the workforce. She has come to your office to seek advice in regards to her superannuation.Lisa has $350,000 in her superannuation accumulation fund which comprises $70,000 as a tax free component and $280,000 as a taxable component (from a taxed source).Lisa is planning to go on an extended overseas holiday with her daughter and would like to spend a year in Paris.She has a few questions she wants you to clarify.

a.Can Lisa access her tax free component first as she wishes to use the $70,000 towards her trip and would rather keep the remaining $280,000 invested?

b.How much of the total $350,000 can Lisa access as a lump sum withdrawal from her superannuation accumulation fund, without having to pay any tax at all on that withdrawal?

Lisa's friend Sophie is 61 years old and she is considering meeting up with Lisa and her daughter for a few months in Italy. Sophie is also retired and she has a superannuation balance of $500,000 in an account-based pension which comprises $100,000 as a tax free component and $400,000 as a taxable component (from a taxed source).

a.What are the minimum and maximum amounts that Sophie must withdraw annually from her account-based pension?

b.If Sophie withdraws a total of $100,000 in the current financial year, will it come from the tax-free component or the taxable component?

c.How will the $100,000 withdrawal be taxed?

Sophie's friend Bethany is 59 years old and continues to work. Bethany's superannuation balance of $400,000 is in a transition to retirement pension account and comprises $100,000 tax- free component and $300,000 taxable component (from a taxed source).

a.If Bethany withdraws pension payments totalling $20,000 for the year, how will this be treated for tax purposes?

b.When Bethany turns 60 and continues to withdraw $20,000 for the year, how will the withdrawal be treated for tax purposes?