myTax 2023 Australian superannuation lump sum payments

Things to know

Complete this section if you received any Australian superannuation lump sum payments or superannuation death benefit payments.

Australian superannuation lump sum payments or superannuation death benefit payments you received include those paid by:

• superannuation funds
• approved deposit funds
• retirement savings account providers
• life insurance companies.

This section is also about any:

• 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 complete this section if you received a PAYG payment summary – superannuation lump sum that shows a taxed or untaxed element.

Do not show at this section

Do not show the following at this section:

• 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. 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. These amounts are tax free and not included in your assessable income (you should not have received a PAYG payment summary – superannuation lump sum for this type of payment).
• Departing Australia superannuation payments, these amounts are not included in your assessable income.
• Lump sums you received from foreign superannuation, go to Other foreign income.

Completing this section

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.

We pre-fill your tax return with payment summary information provided to us. Check them and add any Australian superannuation lump sum payments you received that have not pre-filled.

To personalise your return to show Australian superannuation lump sum payments, at Personalise return select:

• You had income from Australian superannuation or annuity funds
• Super lump sums

To show your Australian superannuation lump sum payments, at Prepare return select 'Add/Edit' at the Income statements and payment summaries banner.

At the Super lump sums banner:

1. For each payment summary that has not been pre-filled in your tax return, select Add and enter information into the corresponding fields.
   If your payment summary shows a tax-free component, this amount will not be included in your taxable income.
2. For each payment summary, answer the question Is this a death benefit?
3. Select Save.
4. Select Save and continue when you have completed the Income statements and payment summaries section.

You can find more information about super in Withdrawing your super and paying tax.

How to report super lump sum payments in your return using myTax.