Item 7 - Australian annuities and superannuation income streams
The taxable component of these payments is detailed on the payment summary received from the superannuation fund or annuities as 'Taxed and/or Untaxed elements'.
- These amounts, together with the Assessable amount of non-superannuation annuities are entered at labels J and N.
Lump sum in arrears taxable components are detailed on the payment summary received from the superannuation fund as 'Taxed and/or Untaxed elements'.
- These amounts are entered at labels Y and Z.
Tax-free components are non-assessable non-exempt income and must NOT be included at any item in the return. However, they are taken into account when calculating the assessable amount of a capped defined benefit income stream at label M.
Use the Australian superannuation income streams worksheet (asi) or Australian annuities payment summary (aap) to calculate the income amounts to disclose at these labels.
If the Tax Offset has not been included on the payment summary, use the Annuity and Super Income Stream Offset (pen) at item T2 to calculate the offset .
| Title | Label | Description |
|---|---|---|
| Total tax withheld | Is the total of amount of tax withheld as detailed in the PAYG payment summary-superannuation income stream plus amounts of tax withheld from Australian non-superannuation annuities detailed in the PAYG payment summary-individual non-business. | |
| Taxable Component
| J Taxed element | Is the sum of all the taxed element amounts of Australian superannuation income streams or annuities and must only contain amounts that were paid before the taxpayer turned 60 years of age. |
N Untaxed element | Is the sum of all the untaxed elements of Australian superannuation income streams or annuities, whether the taxpayer has reached the age of 60 years or not, plus the assessable amounts of Australian non-superannuation annuities. | |
| Assessable amount from capped defined benefit income stream | M Assessable amount | Is the assessable amount of capped defined benefit income stream |
Lump sum in arrears - taxable component | Y Taxed element | Is the amount of the taxed element. |
Z Untaxed element | Is the amount of the untaxed element. |
Click this link for information on the ATO website non-assessable non-exempt income.