This is an MYOB Tax worksheet provided to collect the necessary information for the calculation of the Superannuation lump sum offset for Death Benefit lump sum paid to a non-dependant of the deceased. It is not lodged via PLS.
A superannuation death benefit paid to a trustee is taxed in the hands of the trustee in the same way that it would be taxed if paid directly to a beneficiary. That is the portions of the payment are subject to tax to the extent the beneficiary is a dependant or a non-dependant of the deceased. There is no tax payable to the extent that the payment is made to a dependant or eligible non-dependant of the deceased.
The tax-free component of a superannuation death benefit received by a trustee is not subject to tax, regardless of whether the beneficiary is a dependant or non-dependant.
To the extent that one or more beneficiaries of the estate who were not death benefits dependants of the deceased have benefited, or may be expected to benefit, from the Superannuation death benefit – the benefit is treated as if it were paid to a non-dependant of the deceased and is taken to be income to which no beneficiary is presently entitled.
Payer’s name: This field is for record keeping purposes only.
Payer’s Australian Business Number (ABN): This field is for record keeping purposes only.
Payment Date: Transcribe the date as detailed on the payment summary.
Tax withheld: Transcribe the tax withheld amount as detailed on the payment summary.
Taxable Component: The taxable component comprises an element taxed in the Fund and an element untaxed in the fund:
Taxed element: Transcribe the taxed element amount as detailed on the payment summary. An offset, if applicable, is calculated at a tax rate of 15% on this element.
Untaxed element: Transcribe the untaxed element amount as detailed on the payment summary. An offset, if applicable, is calculated at a tax rate of 30% on this element
Is this payment a death benefit?: This field is always set to Y for yes and is a Calculator only field required for the calculation of tax and the Super lump sum tax offset.
Are you are dependant of the deceased?: Enter Y for yes or N for no or select Y or N from the [F10] list.
Was the deceased a member of the Australian Defence forces or Australian Police Force or Protective Services who died in the line of duty?: If the answer to this question is Yes, then the Non-dependant is considered to be an Eligible non-dependant. Eligible non-dependants of deceased members of the Australian Defence force and Australian police forces (including Australian Protective services) who have died in the line of duty are to be treated as dependants for tax purposes.
11-220 Taxation of benefits from a taxed source
11-240 Taxation of benefits from an untaxed source
11-270 Superannuation death benefits