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  • Schedule 13 – Tax table for superannuation income streams

    Attention

    For payments made on or after 1 July 2015 to 30 June 2016

    This document is a withholding schedule made by the Commissioner of Taxation in accordance with sections 15-25 and 15-30 of Schedule 1 to the Taxation Administration Act 1953 (TAA). It applies to withholding payments covered by paragraph 12-80(a) of Schedule 1 to the TAA.

    End of attention

    Using this table

    Attention

    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

    You should use this table if you make a payment of a super income stream, including a super death benefit income stream to your payee.

    Tax file number (TFN) declarations

    The answers your payees provide on their Tax file number declaration determine the amount you need to withhold from their payments. A Tax file number declaration applies to any payments made after you receive the declaration. If you receive an updated declaration from a payee, it will override the previous one.

    If a payee does not give you a valid Tax file number declaration within 14 days of starting a payer/payee relationship, you must complete a Tax file number declaration with all available details of the payee and send it to us.

    When a TFN has not been provided

    You must withhold 49% for residents and 47% for foreign residents from the taxable component (ignoring any cents), if a super income stream payment is made to your payee and all of the following apply:

    • they have not quoted their TFN
    • they have not claimed an exemption from quoting their TFN
    • they have not advised you that they have applied for a TFN or have made an enquiry with us.

    However, if your payee is aged 60 years or above, only withhold from the untaxed element of the taxable component.

    If a payee states at question 1 of the Tax file number declaration they have lodged a Tax file number – application or enquiry for individuals with us, they have 28 days to provide you with their TFN.

    If the payee has not given you their TFN within 28 days, you must withhold 49% from any payment you make to a resident payee and 47% from a foreign resident payee from the relevant element(s) of the taxable component of the super income stream payment (ignoring any cents) unless we tell you not to.

    Attention

    Do not allow for any tax offsets or Medicare levy adjustments. Do not withhold any amount for:

    • Higher Education Loan Program (HELP) debts
    • Trade Support Loan (TSL) debts
    • Financial Supplement debts.
    End of attention

    Working out the withholding amount

    This table is divided into the following three parts. Certain characteristics of your payee and the payment will determine which part is used to work out the withholding amount – if:

    • the taxable component is comprised wholly of a taxed element – use part A
    • the taxable component contains an untaxed element – use part B
    • the payment is a super death benefit income stream – use part C.

    Rounding of withholding amounts

    Withholding amounts calculated using formulas should be rounded to the nearest dollar. Results ending in exactly 50 cents are rounded to the next higher dollar. Do this rounding directly, that is, do not make a preliminary rounding to the nearest cent. Where no TFN has been provided, cents are ignored when withholding amounts are calculated.

    Last modified: 15 Jun 2016QC 45531