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 DD/MM/YYYY.

For a payee receiving an account-based pension income stream you are only required to provide the payee with a payment summary where you have a withholding obligation.

For a payee receiving a capped defined benefit income stream, the period that you report on your payee's payment summary will affect their defined benefit income cap.

Where the payee:

• has been in receipt of a super income stream for the entire year, show the period as 1 July to 30 June
• starts the super income stream during the year, show the starting date of the first payment
• has a super income stream prior to turning 60 during the financial year, show the period prior to turning 60, the end date will be the day before the payee's birthday
• has a capped defined benefit income stream after turning 60 in the financial year, the period should be the payee's birthday to the end of the period
• has a reversionary death benefit income stream, then the start date is the later of 1 July in that financial year or the date the deceased died
• ends the super income stream during the year, show the date of the last payment.

For example, a part year period of 25 September 2017 to 4 January 2018 is shown as:

You will need to provide the payee with multiple payment summaries in the following circumstances:

• the payee is in receipt of a capped defined benefit income stream and they turned 60 during the year. You will need to provide one payment summary for the period they were 59 and a second payment summary for the period they were 60
• the payee is under 60 and receives their own income stream, and also a death benefit capped defined benefit income stream (reversionary) where the deceased was 60 or older at the time of death. You will need to provide two payment summaries, one for each income stream
• the payee turned 60 during the year and is in receipt of their own income stream and a reversionary income stream where the deceased was 60 or older at the time of death. You will need to provide four payment summaries. One payment summary for the period the payee was 59 and a second payment summary for the period the payee was 60, for each capped defined benefit income stream.

Note: The Death benefit (Reversionary income stream) field and the periods that you report on your payee's payment summary will assist your payee in calculating their defined benefit income cap and their assessable capped defined benefit income, where applicable.

Total tax withheld

Show the total tax withheld in whole dollars. For example, show $12,672.70 as:

Taxable component

The taxable component of a super benefit may consist of a taxed element and/or an untaxed element, depending on whether the benefit is paid from a taxed or untaxed source. The taxable component of a super benefit consists of the following:

• taxed element
• an untaxed element.

The taxed element and untaxed element should be shown in whole dollars.

For example, show a super capped defined benefit income stream paid to a person 62 years old with a taxable component comprised of a taxed element of $17,553.24 and an untaxed element of $13,669.88 as:

See also:

• Calculating components of a super benefit

Tax-free component

For super income streams from 1 July 2007, the tax-free component is made up of the:

• contributions segment
• crystallised segment.

If there is a tax-free component to report, show it in whole dollars. For example, show a tax-free component of $6,594.55 as:

See also:

• Taxation of super benefits

Note the tax-free component will now be taken into consideration when your payee calculates their additional assessable amount from a capped defined benefit income stream.

Tax offset amount

You only need to report a tax offset amount where the payee is under 60 years old, has a taxed element and:

• is above the preservation age or is in receipt of a disability super income stream, and
• the income stream is not a reversionary capped defined benefit income stream where the deceased was over 60 at the time of death.

The tax offset is an amount equal to 15% of the taxed element.

Where the payee is over 60, or is under 60 and in receipt of a reversionary income stream where the deceased was over 60, do not show the tax offset for a capped defined benefit income stream.

Show the amount of the tax offset in whole dollars. For example, show a tax offset amount of $3,589.14 as:

Lump sum in arrears – taxable component

This is the taxable component of payments received as a lump sum (or single payment) for a super income stream amount that accrued in a previous year or years. The taxable component of a lump sum in arrears payment of a super 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 super income stream amount that accrued in previous year or years.

Show this amount in whole dollars.