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Item 8 - Australian superannuation lump sum payments

Data entry must be done in the worksheet at this item. Press Enter at any of the fields at item 8, to open the Superannuation lump sum schedule (PL).

If you've received more than one Super lump sum payment summary from a Fund, complete a separate PL for each. This schedule is only transmitted to the ATO via PLS whne there is more than one PL attached to the return.

See Item 8 - Australian superannuation lump sum payments on the ATO website for further information.

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 in accordance with the rates and thresholds for the current income year and include it in the F4 estimate.

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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