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Item 8 - Australian superannuation lump sum payments

This item is supported by the Australian Superannuation lump sum payments schedule (PL). Press [Enter] at any of the fields at item 8, to open this worksheet.

A schedule PL should be completed for each Payment Summary received from the Superannuation Fund. The PL will only be transmitted to the ATO via PLS if the taxpayer has received more than one Payment Summary concerning Australian Superannuation lump sum payments.

Click this link for information on Item 8 - Australian superannuation lump sum payments on the ATO website.

Superannuation lump sum schedule (PL)

The Superannuation lump sum schedule (PL) is a multiple worksheet. It must be completed to conform to PLS requirements for lodging that schedule and so that the Tax program can collect the information necessary to calculate the correct offset (MYOB tax collects some information that the ATO has no need to collect as it is sent to the Government separately by the Fund). Refer to Superannuation lump sum schedule (PL).

Where there is only 1 PAYG payment summary completed, the relevant details will be defaulted to the labels in the main return and the PY will NOT be transmitted to the ATO via PLS.

Where there is more than 1 ETP schedule completed, on integration an 'M' for multiple will be integrated to the code box at item 4, and the sum of Taxable component will integrate to label I and all instances of PY will be lodged via PLS.

Payment Details

Enter the Payment details as disclosed on the PAYG Payment Summary-Australian superannuation lump sum.

The fields are described below in the order they appear in the return:

  • Tax withheld

  • Type

  • Date of payment

  • Total tax withheld amount

  • Total taxable component - Taxed element

  • Payer's ABN

  • Total Taxable component - Untaxed element

Tax Offset on superannuation lump sums

The taxpayer may be entitled to a tax offset to ensure that certain elements of the superannuation lump sum are only taxed up to a maximum concessional rate of tax. Tax will calculate any offset available and include it in the Estimate.

To confirm the rates for the year, select:

  • Maintenance > Tax Rates > Calculator Tables > Master Individual table > Properties > Resident > ETP Super Lump Sum Offsets and select the Super Lump Sum tab.

  • Maintenance > Tax Rates > Calculator Tables > Master Individual table > Properties > Resident > ETP Super Lump Sum Offsets and select the Super Death Benefits tab.

Click this link to the ATO website for the Special circumstances and glossary information.

CCH References

14-120 Superannuation lump sums and income streams

14-130 Components of a superannuation benefit

14-140 Tax free component of a superannuation benefit

14-150 Taxable component of a superannuation benefit

14-220 Taxation of benefits from a taxed source

14-240 Taxation of benefits from an untaxed source

14-270 Superannuation death benefits

14-280 Taxation of superannuation death benefits

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