Superannuation lump sum schedule (PL)
You need to complete this worksheet if you received a PAYG payment summary – superannuation lump sum. Item 8 - Australian superannuation lump sum payments on the ATO website for further information.
The ATO PY schedule is only lodged via PLS when you've received two or more PAYG payment summaries - Superannuation lump sum in the current income year. If you've only received one, then the ATO only wants to receive the amounts at the labels in the main return.
Even so you must complete the schedule as it contains additional data needed for calculation purposes.
Click any label at item 8 to open the PY.
The amount of the cap previously used is a mandatory field. You must complete it for a correct F4 calculation of the SLS Tax offset and the ATO's Notice of assessment.
When the answer is Yes, the previously used amount is passed to the AE/AO tax fields at the bottom of the schedule for calculation purposes only.
You must also ensure that the date of birth field on the front cover has been completed.
The fields are self-explanatory.
When you close the PL, we'll pass the total of the sums entered to the labels at item 8.
If the death benefit is for a non-dependant of the deceased, but the deceased was a member of the Australian Armed Forces or the Australian Police, the non dependant is considered to be a dependant for these purposes.
CCH References
11-120 Superannuation lump sums and superannuation income streams
11-220 Taxation of benefits from a taxed source
11-240 Taxation of benefits from an untaxed source
11-270 Superannuation death benefits
11-280 Taxation of superannuation death benefits