- How to obtain this form
- How to complete this form
- After completing this form
- Lodging your payment summary information online
- Amending payment summaries
Use the PAYG payment summary – superannuation income stream form (NAT 70987) if you have made superannuation income stream payments, including superannuation income stream lump sum in arrears payments, to a person.
You can only pay a super income stream if you are:
- a super fund
- an approved deposit fund (ADF)
- a life insurance company or registered organisation
- a retirement savings accounts (RSA) provider.
You are required to provide a payee with a superannuation income stream payment summary in the following circumstances:
- the payee is less than 60 years old
- the payee is 60 years or older and is in receipt of a capped defined benefit income stream
- the payee is 60 years or older and has an untaxed element from a non-capped defined benefit income stream.
Do not use this payment summary if you have withheld from payments that are non-superannuation annuities – instead use the PAYG payment summary – individual non-business form (NAT 0046).