• R2 Income stream payment

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    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Did the SMSF pay a super income stream to the member?

    No

    Leave R2 blank. Go to S.

    Yes

    Read on.

    Write at R2 the total amount of super income stream benefits paid to the member in 2014-15.

    Use table 12 to work out which code applies to the amount you wrote at R2. Print the code in the Code box to the right of R2. If more than one benefit type applies, use the code that describes the income stream with the largest total payment amount.

    Do not include at R2:

    • amounts transferred from the member’s account to their spouse's super account as a result of a contributions splitting arrangement (include these at Q Outward rollovers and transfers)
    • amounts transferred from the member's account because of a family law obligation (include these at Q Outward rollovers and transfers).

    Where a member receiving an income stream chooses to receive a super payment in addition to their normal income stream payments, in some circumstances the additional payment is a super income stream. For more information, see Payments in addition to income streams.

    Table 12: Income stream benefit type codes

    Code

    Benefit type

    M

    Income stream benefit for a member 60 years old or older
    (other than transition to retirement)

    N

    Income stream benefit for a member under 60 years old
    (other than transition to retirement)

    O

    Transition to retirement

    P

    Death benefit to a dependant where:

    • the member died at 60 years old or older, or
    • the dependant is 60 years old or older.

     

    Q

    Death benefit to a dependant where:

    • the member died before age 60, and
    • the dependant is under 60 years of age.

     

    R

    Other income stream type (for example paid due to the member’s temporary incapacity or permanent incapacity)

    Payments in addition to income stream payments

    A payment made as a result of a full commutation of an income stream is a super lump sum and must be reported at R1 Lump sum payments

    If there is a partial commutation of a super income stream, the payment is a super income stream payment and must be reported at R2 Income stream payments unless the member has elected to have the payment treated as a super lump sum, in which case include the payment at R1 Lump sum payments.

    Last modified: 15 Jan 2016QC 44344