Things you need to know
Declare at this question Australian superannuation lump sum payments or superannuation death benefit payments you received, including those paid by:
- superannuation funds
- approved deposit funds
- retirement savings account providers
- life insurance companies.
It is also about:
- amounts we paid to you in respect of the superannuation guarantee charge or the superannuation holding accounts special account
- payments you received from the unclaimed money registers.
You need to declare lump sums you received from foreign superannuation funds in the supplementary tax return at question 20.
Amounts you don't show in your return
Do not show in your tax return:
- tax-free component of any superannuation lump sum, including any super co-contribution or low-income super tax offset payment from us (these amounts are tax free and not included in your assessable income)
- lump sum payments you received as a death benefits dependant of the deceased (see the definition in Special circumstances and glossary 2023, these amounts are tax free and not included in your assessable income)
- taxed element of a superannuation lump sum payment you received on or after your 60th birthday (these amounts are tax free and not included in your assessable income) unless it is a death benefit superannuation lump sum payment paid to you as a non-dependant
- superannuation lump sum payment received as the trustee of a deceased estate (this payment must be shown on the trust tax return of the deceased estate)
- amounts released under a 'release authority' issued to you because of an excess contributions tax assessment (these amounts are tax free and not included in your assessable income)
- amounts paid to you because you have a terminal medical condition
(see the definition in Special circumstances and glossary 2023; these amounts are tax free and you should not have received a PAYG payment summary – superannuation lump sum for this type of payment) - departing Australia superannuation payments.
Did you receive any of these payments?
No |
Go to question 9 Attributed personal services income 2023, or return to main menu Individual tax return instructions 2023. |
Yes |
Read on. |
What you need to answer this question
You will need your PAYG payment summary – superannuation lump sum.
If you can't find or think there is an issue (such as the dependency status) with your payment summary, contact your payer. If you are unsuccessful, see PAYG payment summary – individual non-business.
Completing your tax return
To complete this question, follow the steps 1 to 3 below.
If you received 2 or more superannuation lump sum during the year, you will need to complete a superannuation lump sum schedule. Go to step 4.
Step 1
Write the date of payment and your payer's Australian business number (ABN), in the left column at question 8.
Step 2
Write the total amount of tax withheld, as shown on your payment summary, under Tax withheld at question 8.
Step 3
From your payment summary, write at question 8:
- the taxed element amount at label Q
- the untaxed element amount at label P.
If you received a lump sum death benefit payment, print N in the TYPE box at question 8. Otherwise, leave the TYPE box blank.
You have now finished this question. Go to Where to go next.
Step 4
As you received 2 or more superannuation lump sums, you need to download and complete a Superannuation lump sum schedule using the information on your payment summaries.
Step 5
When you have completed the schedule, add together:
- all the of tax withheld amounts
- all the amounts taxed elements, and
- all the amounts of untaxed elements.
Transfer the 3 totals to question 8 in your tax return.
Write the total tax withheld in the Tax withheld column.
Write the total taxed elements at label Q.
Write the total untaxed elements at label P.
Print the code letter M in the TYPE box.
Do not write any date of payment or payer's ABN in your tax return.
Step 6
Attach your schedule to page 3 of your tax return.
Print X in the Yes box at Taxpayer's declaration question 2 on page 10 of your tax return.
Where to go next
- Go to question 9 Attributed personal services income 2023.
- Return to main menu Individual tax return instructions 2023.
- Go back to question 7 Australian annuities and superannuation income streams 2023.