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  • myTax 2019 Australian superannuation lump sum payments

    This section is about Australian superannuation lump sum payments or superannuation death benefit payments you received.

    It is also about any:

    • amounts we paid to you in respect of the superannuation guarantee charge or the superannuation holding accounts special account
    • payments you received from the unclaimed money registers.

    On this page:

    Essentials

    Australian superannuation lump sum payments or superannuation death benefit payments you received include those paid by:

    • superannuation funds
    • approved deposit funds
    • retirement savings account providers
    • life insurance companies.

    You need to complete this section if you received a PAYG payment summary - superannuation lump sum that shows a taxed or untaxed element.

    Do not show at this section

    Do not show the following at this section:

    • Tax-free component of any superannuation lump sum, including any super co-contribution or low-income super tax offset payment from us. These amounts are tax free and not included in your assessable income.
    • Lump sum payments you received as a death benefits dependant of the deceased. These amounts are tax free and not included in your assessable income.
    • Taxed element of a superannuation lump sum payment you received on or after your 60th birthday (these amounts are tax free and not included in your assessable income) unless it is a death benefit superannuation lump sum payment paid to you as a non-dependant.
    • Superannuation lump sum payment received as the trustee of a deceased estate. This payment must be shown on the trust tax return of the deceased estate.
    • Amounts released under a 'release authority' issued to you because of an excess contributions tax assessment. These amounts are tax free and not included in your assessable income.
    • Amounts paid to you because you have a terminal medical condition. These amounts are tax free and not included in your assessable income (you should not have received a PAYG payment summary - superannuation lump sum for this type of payment).
    • Departing Australia superannuation payments.
    • Lump sums you received from foreign superannuation. Show these at Other foreign income in the Foreign income, assets and entities section.

    Completing this section

    You will need your PAYG payment summary – superannuation lump sum. If you have not received it, have lost it or think the details (such as the dependency status) on it are wrong, contact your payer. If you still cannot obtain it or cannot agree on the details, see PAYG payment summary - individual non-business.

    We pre-fill your tax return with payment summary information provided to us. Check for Australian superannuation lump sum payments you received that are not pre-filled and ensure you add them.

    1. For each payment summary that has not been pre-filled in your tax return, select Add and enter information into the corresponding fields.
      If your payment summary shows a tax-free component, this amount will not be included in your taxable income.
    2. For each payment summary, answer the question Is this a death benefit?
    3. Select Save.
    4. Select Save and continue.

    Australian superannuation lump sum payments

    Tables 1 and 2 set out the maximum tax rates that apply to superannuation lump sum payments made by complying superannuation funds. The Medicare levy is additional where applicable. You may find this useful in completing this section and the Medicare and private health insurance section.

    Any lump sum in arrears amounts must be included in your assessable income regardless of the period the income stream payment relates to.

    Table 1: Death benefit

    Death benefit paid to death benefits dependant (of any age)

    Element

    Amount

    Tax rate

    Tax free component

    Whole

    Tax free

    Taxed element

    Whole

    Tax free

    Untaxed element

    Whole

    Tax free

    Death benefit paid to non-death benefits dependant (of any age)

    Element

    Amount

    Tax rate

    Tax free component

    Whole

    Tax free

    Taxed element

    Whole

    15%

    Untaxed element

    Whole

    30%

    Table 2: Superannuation lump sum (other than death benefit)

    Under the preservation age at the time of payment

    Element

    Amount

    Tax rate

    Tax free component

    Whole

    Tax free

    Taxed element

    Whole

    20%

    Untaxed element

    Up to the untaxed-plan cap amount, $1,480,000 (see Note 1)

    30%

    Untaxed element

    Over the untaxed-plan cap amount, $1,480,000 (see Note 1)

    45%

    Preservation age to 59 years of age at the time of payment

    Element

    Amount

    Tax rate

    Tax free component

    Whole

    Tax free

    Taxed element

    Up to the low rate cap amount, $205,000 (see Note 2)

    Tax free

    Taxed element

    Over the low rate cap amount, $205,000 (see Note 2)

    15%

    Untaxed element

    Up to the low rate cap amount, $205,000 (see Note 2)

    15%

    Untaxed element

    Over the low rate cap amount, $205,000 (see Note 2) and up to the untaxed-plan cap amount, $1,480,000 (see Note 1)

    30%

    Untaxed element

    Over the untaxed-plan cap amount, $1,480,000 (see Note 1)

    45%

    60 years of age or older at the time of payment

    Element

    Amount

    Tax rate

    Tax free component

    Whole

    Tax free

    Taxed element

    Whole

    Tax free

    Untaxed element

    Up to the untaxed-plan cap amount, $1,480,000 (See Note 1)

    15%

    Untaxed element

    Over the untaxed-plan cap amount, $1,480,000 (see Note 1)

    45%

    Note 1: For 2018–19, the untaxed-plan cap amount is a maximum of $1.480 million, but it could be less for you if you have previously received another superannuation lump sum with an untaxed element from the same superannuation fund. For more information on how we work out your untaxed-plan cap amount, see How tax applies to your super.

    Note 2: For 2018–19, the low-rate cap amount is a maximum of $205,000, but it could be less if you received any superannuation lump sums in a prior income year that counted towards your entitlement to a superannuation lump sum tax offset or, if before July 2007, you received an eligible termination payment after your 55th birthday. For more information on how we work out your low-rate cap amount, see How tax applies to your super.

    See also:

      Last modified: 26 Jun 2019QC 59114