Australian superannuation income streams (including lump sum in arrears amounts) are paid to you by Australian superannuation funds, retirement savings account (RSA) providers and life insurance companies.
Essentials
Superannuation income streams may include:
- account based income streams
- capped defined benefit income streams that are
- lifetime pensions, regardless of when they started
- lifetime annuities that existed prior to 1 July 2017
- life expectancy pensions and annuities that existed prior to 1 July 2017
- market-linked pensions and annuities that existed prior to 1 July 2017.
You may be entitled to an Australian super income stream tax offset. Your PAYG payment summary – superannuation income stream may show the amount of tax offset you can receive on your taxed element.
Do not show at this section
If you received a taxable Australian superannuation lump sum payment, do not show it here; show it in the Super lump sum section.
Completing this section
You will need your PAYG payment summary – superannuation income stream.
We pre-fill your tax return with payment summary information provided to us. Check for Australian superannuation income streams payments you received not pre-filled and ensure you add them.
- For each payment summary that has not been pre-filled in your tax return, select Add and enter information into the corresponding fields.
- For each payment summary, answer the question Are you under 60 years of age and a death benefits dependant where the deceased died at 60 years or over?.
If the payment summary has been pre-filled, this question may be answered for you. - For each payment summary that has a Lump sum in arrears - taxable component or Lump sum in arrears - tax-free component greater than '0', you may be required to enter the additional information (year and amount earned). When you have done so, select Save. If the payment relates to more than one year, select Add and provide additional details.
- Select Save.
- Were you under 60 years old on 30 June 2019?
Yes – go to step 6.
No – go to step 8. - If the answer at step 2 is Yes for any payment summary, go to step 8.
Otherwise, go to step 7. - myTax will use the super income stream payment summary details shown in this section as the Calculated amounts. These calculated amounts will be included in your return. Go to step 9.
- Use the Defined benefit income cap tool to work out the amounts to be included in your return.
Go to step 9.
Note: If you change any super income stream payment summary details after you use the Defined benefit income cap tool, you will need to use the tool again to update the amounts to include in your return. - Select Save and continue.
Tax tips
- You may be entitled to:
- Seniors and pensioners tax offset; for more information see Seniors and pensioners (includes self-funded retirees)
- Superannuation income stream tax offset; we will use the information you provide at this section to work out your tax offset amount.
See also
These myTax 2019 instructions are about income you received from Australian superannuation income streams.