PAYG payment summary – superannuation income stream

For super providers who make super income stream payments, including lump sum in arrears payments (NAT 70987).

• 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).