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Australian superannuation income streams

How to report income you received from Australian Superannuation income streams in using myTax.

Last updated 25 May 2016

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

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.

You may be entitled to a tax offset equal to:

  • 15% of the taxed element, or
  • 10% of the untaxed element of your superannuation income stream benefit.

Your PAYG payment summary – superannuation income stream should show the amount of tax offset.

Contact your payer if you:

  • did not receive a payment summary or you lost your payment summary
  • think you qualify for this tax offset and the payment summary does not show it
  • disagree with the amount shown on your payment summary.

Alternatively, see Australian superannuation income stream tax offset for further instructions if you are entitled to a tax offset and your PAYG payment summary – superannuation income stream does not show a tax offset amount.

If you received a taxable Australian superannuation lump sum payment, do not show it here; show it in the Super lump sum section.

Do not show the following tax-free amounts anywhere on your tax return:

  • the taxed element of a superannuation income stream you received after your 60th birthday
  • the taxed element of a superannuation income stream paid to you
    • if you were 60 years old or older when you received the benefit, or
    • as the result of the death of another person who died aged 60 years old or older.

Completing this section

You will need your PAYG payment summary – superannuation income stream.

If you have lost or not yet received your payment summary, contact your payer to obtain a copy.

You may not have received a PAYG payment summary – superannuation income stream because your entire superannuation income stream was tax-free. For example, you may not have received a payment summary if, in 201516, your superannuation income stream contained only taxed elements received on or after your 60th birthday.

  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 that has a Lump sum in arrears - taxable component greater than '0', enter the required additional information (year and amount earned), and select Save. If the payment relates to more than one year, select Add and provide additional details.
  3. Select Save.
  4. Select Save and continue.