myTax 2023 Australian superannuation income streams

Things to know

Complete this section if you had an Australian superannuation income stream (including lump sum in arrears amounts) paid to you by Australian superannuation funds, retirement savings account (RSA) providers and life insurance companies.

Superannuation income streams may include:

• account based income streams
• capped defined benefit income streams that are 
  • lifetime pensions, regardless of when they started
  • lifetime annuities that existed prior to 1 July 2017
  • life expectancy pensions and annuities that existed prior to 1 July 2017
  • market-linked pensions and annuities that existed prior to 1 July 2017.
    

You may be entitled to an Australian super income stream tax offset. Your PAYG payment summary – superannuation income stream may show the amount of tax offset you can receive on your taxed element.

If you received a taxable Australian superannuation lump sum payment, don't show it here; go to Super lump sum.

Completing this section

You will need your PAYG payment summary – superannuation income stream.

We pre-fill myTax with payment summary information provided to us. Check them and add any Australian superannuation income stream payments you received that have not pre-filled.

To personalise your return to show Australian superannuation income streams, at Personalise return select:

• You had income from Australian superannuation or annuity funds
• Income streams (including lump sum in arrears)

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

At the Super income stream banner:

1. For each payment summary that has not been pre-filled in myTax, select Add and enter information into the corresponding fields.
2. For each payment summary, answer the question Are you under 60 years of age and a death benefits dependant where the deceased died at 60 years or over?
   If the payment summary has been pre-filled, this question may be answered for you.
3. For each payment summary that has a Lump sum in arrears – taxable component or Lump sum in arrears – tax-free component greater than '0', you may be required to enter the additional information (year and amount earned). When you have done so, select Save. If the payment relates to more than one year, select Add and provide additional details.
4. Select Save.
   If you receive the following error at Tax withheld – You must enter the 'Taxed element', the 'Untaxed element' or the 'Tax-free component' – check your payment summary.
   If you received a reversionary pension under the Defence Force Retirement and Death Benefits Scheme or the Military Superannuation and Benefits Scheme where the deceased veteran was receiving invalidity benefits at the time of death which started on or after 20 September 2007, lodge your return using all information from the payment summary. Where you are eligible, we will adjust your return to ensure you don’t pay tax on that income and refund any related tax withheld.
5. Were you under 60 years old on 30 June 2023?
   Yes – go to step 6.
   No – go to step 7.
6. If the answer at step 2 is Yes for any payment summary, go to step 7.
   Otherwise, myTax will work out the amounts to be included in your return.
   Go to step 8.
7. Use the Defined benefit income cap tool to work out the amounts to be included in your return.
   Go to step 8.
   Note: If you change any super income stream payment summary details after you use the Defined benefit income cap tool, you will need to use the tool again to update the amounts to include in your return.
8. Select Save and continue when you have completed the Income statements and payment summaries section.

We will use the information you provide at this section to work out your Australian super income stream tax offset amount (if any).

You may be entitled to the seniors and pensioners tax offset. You can find out more at Seniors and pensioners (includes self-funded retirees).

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

How to report income you received from Australian superannuation income streams when you lodge your return using myTax.