• Australian superannuation income stream tax offset

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    If you are completing item T4 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 below.

    Worksheet 1

    Working out the amount of your tax offset

    The amount of your superannuation income stream benefit paid to you before your 55th or 60th birthday for which you are entitled to a tax offset

    $

    (a)

    Relevant percentage from table 4

    %

    (b)

    Multiply (a) by (b).

    $

    (c)

    The amount of your superannuation income stream benefit paid to you on or after your 55th or 60th birthday for which you are entitled to a tax offset

    $

    (d)

    Relevant percentage from table 4

    %

    (e)

    Multiply (d) by (e).

    $

    (f)

    Add (c) and (f).

    $

    (g)

    Add up the tax offset amounts you have worked out at step (g) for each income stream.

    $

    (h)

    Table 4

    Percentages used to work out your Australian superannuation income stream tax offset

    Income stream

    Age of the deceased

    Your age at date of each payment

    Taxed element

    Untaxed element

    Death benefit

    Under 60 years old

    Under 60 years old

    15%

    0%

     

    60 years old and older

    Not applicable*

    10%

    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%

    All other income streams

    Not applicable

    Under 55 years old

    0%

    0%

    55-59 years old

    15%

    0%

    60 years old and older

    Not applicable*

    10%

    * 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 2010-11, go to step 3.

    If you turned 55 or 60 years old during the 2010-11 income year, a different percentage of tax offset may apply to the superannuation income stream you were receiving 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 on the previous page 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 above. Write the total amount at S item T4 on your tax return. Do not show cents.

      Last modified: 29 Jun 2011QC 28061