T3 Australian superannuation income stream 2014

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?

No	Go to question Tax offsets that you show on the supplementary section of the tax return, or return to main menu Individual tax return instructions.
Yes	Read on.

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 T3.

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 T2 Seniors and pensioners (includes self-funded retirees).