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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. 

To complete the SLS schedule PL

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.

ATO pre-fill

If you download the ATO pre-fill report, we'll pre-fill this worksheet using the Pre-fill manager.

Pre-fill is dependent on data available at the ATO at the time. This means that very early in the current income year, this information mightn't be complete. It can act as a guide for checking with your client at the time you're preparing the return.

You can:

  • download pre-fill reports for clients via PLS
  • view these reports in PDF format, then populate the pre-fill information into your client's Tax return
  • press F3 to validate the return produces a list of the imported values as well as any errors it detects before completion and lodgment.

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

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