If you are completing item T3 and your payment summary does not show the tax offset amount, follow the steps below to complete the item.
Completing your tax return
Step 1
For each PAYG payment summary - superannuation income stream that does not show a tax offset amount, you can work out your tax offset amount by multiplying the taxed element and the untaxed element of the taxable component shown on each of those payment summaries by the relevant percentage shown in table 4 on the next page.
Table 4 |
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Percentages used to work out your Australian superannuation income stream tax offset |
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Income stream |
Age of the deceased |
Your age at date of each payment |
Taxed element |
Untaxed element |
Death benefit |
Under 60 years old Any age |
Under 60 years old |
15% |
0% |
60 years old and older |
Not applicable* |
10% |
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60 years old and older |
Any age |
Not applicable* |
10% |
|
Disability superannuation benefit |
Not applicable |
Under 60 years old |
15% |
0% |
60 years old and older |
Not applicable* |
10% |
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All other income streams |
Not applicable |
Under 55 years old |
0% |
0% |
55-59 years old |
15% |
0% |
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60 years old and older |
Not applicable* |
10% |
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*The tax offset does not apply because this is non-assessable non-exempt income, that is, tax-free income. |
Step 2
If you did not turn 55 or 60 years old during 2012-13, go to step 3.
If you turned 55 or 60 years old during the 2012-13 income year, a different percentage of tax offset may apply to the amounts of the superannuation income stream you received before and after your birthday.
You can ask your payer what amounts of your superannuation income stream attract a tax offset, or you can use worksheet 1 to work out the amount of your tax offset.
Use steps (a) to (g) in worksheet 1 to work out the amount of your tax offset for each element of the superannuation income stream you received. If you received more than one superannuation income stream, repeat steps (a) to (g) for each of those income streams.
Step 3
If you have any PAYG payment summary - superannuation income stream that shows tax offset amounts, add up these amounts and the amount from (h) in worksheet 1. Write the total amount at S item T3 on your tax return. Do not show cents.