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  • Super pensions and annuities

    You must declare income you received from pensions paid to you as a superannuation income stream and annuities.

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    A pension is a series of regular payments made as a super income stream. This does not include government payments such as the age pension.

    These payments may be provided:

    • by an Australian super fund, life assurance company or retirement savings account (RSA) provider
    • by a fund established for the benefit of Commonwealth, state or territory employees and their dependants (such as the Commonwealth Superannuation Scheme and the Public Sector Superannuation Scheme)
    • as a result of another person's death (death benefit income stream).

    What you need to declare

    Your super income stream payments will have different items. Depending on your age and the type of income stream you receive, you may need to declare different items in your tax return. This includes:

    • a taxed element – the part of your benefit on which tax has already been paid in the fund
    • an untaxed element – the part of your benefit that is still taxable because tax has not been paid in the fund
    • a tax-free component – the part of your benefit that is tax-free.

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    An annuity is usually a series of regular payments made to you by a life insurance company in return for a lump sum payment.

    Most annuities have both taxable and tax-free components.

    Your assessable income will include your taxable annuity payments when received. This includes annuities received by you as a reversionary beneficiary.

    See also:

    Last modified: 15 Jun 2020QC 31969