PAYG payment summary – superannuation income stream
Use this form if you have made superannuation income stream payments, including superannuation income stream lump sum in arrears payments, to a person either:
- under 60
- 60 and above and the taxable component contains an untaxed element.
You can only pay a superannuation income stream if you are:
- a superannuation fund
- an approved deposit fund (ADF)
- a life insurance company or registered organisation
- a retirement savings accounts (RSA) provider.
Do not use this payment summary if you have withheld from payments that are non-superannuation annuities – use the PAYG payment summary - individual non-business (NAT 0046).
How to obtain this form
To obtain a printed copy of this form:
- use our automated self-help publications ordering service at any time. You need to know the full title of the publication to use this service
- phone our Publications Distribution Service on 1300 720 092. You can speak to an operator between 8.00am and 6.00pm Monday to Friday. Before you phone, check whether there are other publications you may need – this will save you time and help us. For each publication you order, you need the full title.
You can download a sample of this publication PAYG payment summary - superannuation income stream (NAT 70987-02.2014, 236KB) in Portable Document Format (PDF).This link will download a file
How to complete this form
- write each letter in a separate box
- use a black pen
- use BLOCK LETTERS.
You do not have to complete every field. For example, where an amount has not been paid or withheld, leave those boxes blank.
Show all amounts in whole dollars - do not show cents. For example, show an amount of $122.76 as $122.
Avoiding common errors
Do not report negative amounts.
To amend a previous year's payment summary, see 'Amending payment summaries'.
Do not report amounts containing a decimal point.
Do not report cents at any label. Simply drop the cents from any amount before you enter it on the payment summary.
Do not provide a payment summary containing all zeros.
If you have not paid the payee any withholding payments throughout the year, you do not need to give them a payment summary.
At Payment summary for year ending 30 June, do not show the year as anything but a four digit figure.
Show the year as a four digit figure. For example, show the year ending 30 June 2015 as 2015 and not 15.
Section A: Payee details
Tax file number
You must show the tax file number (TFN) the payee quoted in this field. For example, show a nine-character TFN as:
To help us process your form, you must substitute the TFN with the numbers listed below where:
- a new payee has not made a TFN declaration, but 28 days have not passed, use 111 111 111
- the payee is under 18 and earnings do not exceed $350 per week, $700 per fortnight or $1,517 per month, use 333 333 333
- the payee is an Australian Government pensioner payee, use 444 444 444
- the payee chose not to quote a TFN and has not claimed an exemption from quoting a TFN or does not fit into any of the above categories, use 000 000 000.
Separate the surname or family name from the given names and print in the appropriate boxes. For example, show Jane Mary Covers as:
You must show the street number and name, suburb/town/locality, state or territory and postcode separately in the boxes provided. For example, show the address 2 Bell St, Ablem WA 6999 as:
Date of birth (if known)
Provide this information if you have it.
Use the format DDMMYYYY, for example:
Section B: Payment details
Period during which payments were made
Show the period during which the payments were made to the payee. Use the format DDMMYYYY. For example, show the period 25 September 2014 to 4 January 2015 as:
You do not need to show the first and last pay dates for the financial year in this field. If the payee has been employed for the entire year, show the period as 1 July 2014 to 30 June 2015.
Total tax withheld
Show the total tax withheld in whole dollars. For example, show $12,672.70 as:
The taxable component is the total of the payment less the tax free component. This amount is assessable income. The taxable component of a superannuation benefit consists of one of the following:
- taxed element
- an untaxed element
- taxed and untaxed elements.
These two elements should be shown in whole dollars.
Do not show the taxed element amounts paid to people when they have turned 60. Show the untaxed element in all cases.
For example, show a superannuation income stream paid to a person aged 56 with a taxable component comprised of a taxed element of $17,553.24 and an untaxed element of $13,669.88 as:
Tax free component
The tax free component is non-assessable and non-exempt income that is tax free income. For new superannuation income streams from 1 July 2007, the tax free component is made up of the:
- contributions segment
- crystallised segment.
If you report the tax free component, show it in whole dollars. For example, show a tax free component of $6,594.55 as:
Tax offset amount
Include any allowable tax offset amounts.
Tax offset amounts for income streams other than taxable superannuation death benefits
The tax offset is an amount equal to:
- 10% of the untaxed element
- 15% of the taxed element
- 10% of the untaxed element and 15% of the taxed element.
Tax offset amounts for taxable superannuation death benefits income streams
The tax offset is 15% of the taxed element of the benefit, where the deceased died under 60, and the recipient is under 60. The tax offset is 10% of the untaxed element of the benefit, where the deceased died over, or the recipient is 60 and over.
Show the amount of the tax offset in whole dollars.
For example, show a tax offset amount of $3,589.14 as:
Donna became eligible for a 15% tax offset for the taxed element of the superannuation income stream payments she received after she turned 55 on 21 September 2014. She received a superannuation income stream of $15,250 for the 2013–14 income year. It was not a death or disability superannuation benefit. Her fund made the first payment on 1 August 2014, and she received $2,500 before she turned 55.
The entire amount of the superannuation income stream is a taxable component consisting wholly of a taxed element. Donna's superannuation fund calculates her tax offset as follows:
Amount of her superannuation income stream received after she became eligible for an offset:
End of example
- $12,750 (that is $15,250 less $2,500)
- Tax offset 15% x $12,750 = $1,912
Lump sum in arrears – taxable component
Do not show amounts of taxed element paid to people on or after the day they turn 60.
This is the taxable component of payments received as a lump sum (or single payment) for a superannuation income stream amount that accrued in a previous year or years. The taxable component of a lump sum in arrears payment of a superannuation benefit may consist of:
- taxed element
- an untaxed element
- taxed and untaxed elements.
Show these elements in whole dollars.
Lump sum in arrears – tax free component
This is the tax free component of payments received as a lump sum (or single payment) for a superannuation income stream amount that accrued in previous year or years.
You do not have to complete this field.
Section C: Payer details
Payer's Australian business number (ABN) or withholding payer number (WPN)
As a payer, you must have either an ABN or WPN.
Show your ABN or WPN as it appears on your activity statement.
For example show an ABN of 12 345 678 912 as:
If a business has one ABN but multiple branches, each branch has an individual branch number. Show your branch number in the boxes provided. If you do not have a branch number, leave the boxes blank.
Show your name as it appears on your activity statement.
For example, show ABC Pty Ltd as:
Only the payer, or a person authorised to sign on the payer's behalf, can sign. You can print or type the name of the person authorised to sign the form. You must keep details of the authorised person with your records.
After completing this form
PAYG payment summary – superannuation income stream (NAT 70987) is self-duplicating and includes copies for:
- give the payee their copy of this payment summary by 14 July following the end of the financial year you made payments to them. However, if the payee requests a payment summary from you in writing before 9 June, you must provide the payment summary to them within 14 days of receiving their request
- send the ATO original copy to us as part of your PAYG withholding payment summary annual report by 14 August, following the end of the financial year
- retain the 'PAYG Payer's copy' and keep this for five years.
Do not send payment summaries printed from your software to us. You must send us the ATO originals.
Lodging your payment summary information online
If you have an AUSkey and your payroll software meets our specifications, you can submit your payment summary information to us online using the Business Portal. It is a quick and secure way for you to meet your lodgment obligations.
By doing this, you do not need to send copies of payment summaries to us, or complete a PAYG payment summary statement.
Amending payment summaries
You cannot change the information on a payment summary after you have either:
- given it to the payee
- provided your PAYG withholding payment summary annual report to us.
If you find a mistake after giving the payment summary to the payee or us, we recommend you complete a new payment summary, marking the amending a payment summary box as shown:
When you complete an amended payment summary, you must:
- complete all payee, payment and payer information on each amended payment summary
- send it to us
- give a copy to the payee.
You must show the payee and payer information as it was on the original payment summary. You must send the ATO original to:
Australian Taxation Office
Locked Bag 50
PENRITH NSW 2740
Where payment amounts or tax withheld amounts have changed, you may also need to complete and send us an amended PAYG payment summary statement (NAT 3447).
If only the payee or payer information was incorrect, do not prepare a new payment summary. Advise the payee of the correct details and keep them in your files. There is no need to advise us of the corrected details.
If the payee loses their payment summary, do not issue a new one. Give them a photocopy of your own copy showing all the details from the lost payment summary.
Instructions and sample form for superannuation providers to make super income stream payments, including super income stream lump sum in arrears payments to a payee. (NAT 70987).Last modified: 12 Feb 2016QC 19550