myTax 2025 Australian superannuation income streams

Things to know

Complete this section if you received income from Australian superannuation (super) income streams.

Australian super income streams (including lump sum payment in arrears amounts) are paid to you by Australian superannuation funds, retirement savings account (RSA) providers or life insurance companies.

Super 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 also 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.

If you received a taxable Australian super lump sum payment, don't show it here – go to Super lump sum.

Completing this section

You'll need your PAYG payment summary – superannuation income stream.

We pre-fill myTax with payment summary information provided to us. Check them and add any Australian super income stream payments you received that haven't pre-filled.

To personalise your tax return to show Australian super income streams, at Personalise return select:

• You had income from Australian superannuation or annuity funds
• Income streams (including lump sum in arrears)

To show your Australian super income streams, at Prepare return select 'Add/Edit' at the Income statements and payment summaries banner.

At the Super income stream banner:

1. For each Australian super income stream payment summary that hasn't pre-filled in myTax, select Add and enter information into the corresponding fields.
2. 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 pre-filled, this question may be answered for you.
3. For each payment summary that has a Lump sum in arrears – taxable component or Lump sum in arrears – tax-free component greater than zero, you may be required to enter the additional information (year and amount earned). When you have done so, select Save.
   To learn how to access and complete your Lump sum in arrears information, see Lump sum payment in arrears.
4. Select Save.
   If you receive the following error at Tax withheld – You must enter the 'Taxed element', the 'Untaxed element' or the 'Tax-free component' – check your payment summary.
   If you received a reversionary pension under the Defence Force Retirement and Death Benefits Scheme or the Military Superannuation and Benefits Scheme where the deceased veteran was receiving invalidity benefits at the time of death which started on or after 20 September 2007, lodge your tax return using all information from the payment summary. Where you're eligible, we will adjust your tax return to ensure you don’t pay tax on that income and refund any related tax withheld.
5. Were you under 60 years old on 30 June 2025?
   Yes – go to step 6.
   No – go to step 7.
6. If the answer at step 2 is Yes for any payment summary, go to step 7.
   Otherwise, myTax will work out the amounts to be included in your tax return.
   Go to step 8.
7. Use the Defined benefit income cap tool to work out the amounts to be included in your tax return.
   Go to step 8.
   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 tax return.
8. Select Save and continue when you have completed the Income statements and payment summaries section.

We will use the information you provide at this section to work out your Australian super income stream tax offset amount (if any).

You may be entitled to the seniors and pensioners tax offset. You can find out more at Seniors and pensioners (includes self-funded retirees).

You can find more information about super in Withdrawing and using your super.