If you have shown income from an Australian superannuation income stream at item 7 on your tax return, 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.
The tax offset amount will be shown on your PAYG payment summary - superannuation income stream.
You are not entitled to a tax offset for the taxed element of any superannuation income stream you received before you turned 55 years old unless the superannuation income stream was either:
- a disability superannuation benefit, or
- a death benefit income stream.
You are not entitled to a tax offset for the untaxed element of any superannuation income stream received before you turned 60 years old unless the superannuation income stream is a death benefit income stream and the deceased died after they turned 60 years old
Did you receive an Australian superannuation income stream shown on a PAYG payment summary - superannuation income stream?
Answering this question
You will need your PAYG payment summary - superannuation income stream which should show the amount of the 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.
Completing your tax return
Add up the tax offsets that are either shown on a superannuation income stream payment summary or worked out by you.
Write the total at S item T4.
For more information on how this tax offset is worked out, see Special circumstances and glossary.
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