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T4 - Australian superannuation income stream 2012

Complete this question to help you work out if you're eligible for this tax offset and the amount you can claim.

Last updated 1 June 2012

Question T4 image from the Tax return for individuals form.

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?

NO

 

YES

Read below.

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.

Alternatively, go to Special circumstances and glossary 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.

Completing your tax return

Step 1

Add up the tax offsets that are either shown on a superannuation income stream payment summary or worked out by you.

Step 2

Write the total at S item T4.

More information

For more information on how this tax offset is worked out, see Special circumstances and glossary.

Where to go next

 

QC25705