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 reached your preservation age, 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.
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
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 T2.
Find out more
For more information on how this tax offset is worked out, see Special circumstances and glossaryEnd of find out more
Where to go next
- Go to question Tax offsets that you show on the supplementary section of the tax return.
- Return to main menu Individual tax return instructions.
- Go back to question T1 Seniors and pensioners (includes self-funded retirees).