Not available in Accountants Office
This is a transactional dialog which is used when there is more than one entry to be made to collect the necessary information for the calculation of the Superannuation lump sum offset and/or the Death Benefit lump sum paid to a non-dependant of the deceased.
The tax-free component of a superannuation death benefit is not subject to tax, regardless of whether the beneficiary is a dependant or non-dependant.
Apart from normal Superannuation Lump Sum payments, taxation of the amount received and the offset available differs for lump sums received from an Untaxed Source (Untaxed Plans) of which a member may have more than one to consider and different caps to manage.
Completing the Super Lump Sum Transaction dialog
Type and Age Details (Check the relevant boxes)
Tick these checkboxes as appropriate:
Death Benefit: Tick this box to indicate whether this is the payment of a death benefit to a beneficiary.
Deceased’s dependant: Tick this box to indicate whether the beneficiary was a dependent of the deceased at the time of death or payment.
Over 60: Tick this box if the taxpayer is 60 or over
55-59: Tick this box if the taxpayer is 55 years and under 60.
Deceased Member of Aust Forces died in line of duty: If the deceased was a member of the Australian Defence Forces or Australian Police Force or Protective Services who died in the line of duty, then the beneficiary of the payment (the taxpayer) is considered to be an eligible dependant for tax purposes.
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
Tax Withheld: Enter the amount exactly as it is printed on the payment advice.
Excess over the cap fields: These fields are required for the calculation of Tax on Taxable Income where the client has received a payment that is above the low rate cap.
Where there is a taxed element in excess of the life-time cap, MYOB Tax will default that amount to one or both of these fields.
Excess over the Low rate cap: If applicable, this amount will be calculated by Tax.
Excess over the Untaxed plan cap: If applicable, this amount will be calculated by Tax.
Tax withheld: Transcribe the tax withheld amount as detailed on the payment summary.
Is this payment subject to an Untaxed Plan cap? Answer the question Yes or No as applicable. If you answer Yes to the first question and enter an amount in one of the three Untaxed Plan fields, this field will be closed to edit.
If more than one Untaxed Plan, the number of this Plan: As members may have more than one Untaxed Plan, enter the number (1 to 3) in this field. If you answer Yes to the first question and enter an amount in one of the three Untaxed Plan fields, the number of that Plan will be defaulted to this field and the field will be closed to edit.
Is this payment a death benefit?: This question will be open to edit if the Untaxed Plan question is blank. Answer Yes or No as applicable.
Are you are dependant of the deceased?: Answer this question Yes or No as applicable.
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.