Key factors that affect how your super payout is taxed

How do I fill in my tax return?

You must include in your personal income tax return:

• the amount of the untaxed element as part of your assessable income
• the amount of taxed element as part of your assessable income.

Your super fund will send you a payment summary which will show the components of the benefit, the tax withheld and any tax offset you may be able to claim. If you are claiming a tax offset, include it in the offset section of your income tax return.

If you receive an income stream, that is, a pension or annuity, your super fund will send you a PAYG payment summary - superannuation income stream (NAT 70987, PDF, 153KB).

If you receive a lump sum payment, your super fund will send you a PAYG payment summary - superannuation lump sum (NAT 70947, PDF, 149KB).

If you are 60 or over

If you're 60 or over and your benefit consists entirely of:

• a tax-free component, and/or
• a taxed element (of the taxable component)

you do not include it in your personal income tax return and you do not pay any tax on your benefit. This is the case for both lump sum and income stream payouts.

If you receive a benefit that consists of an untaxed element (of the taxable component) you must include it in your tax return. If the benefit is an income stream, you must also include any tax offset you are entitled to in your tax return. If the benefit is a lump sum, the ATO will calculate any tax offset you are entitled to.