Private ruling: Superannuation payment
Published: March 2014
Ruling period: Year ending 30 June 2013
Date scheme commenced: 1 July 2012

Ruling: Q1: Is your superannuation payment non-assessable non-exempt income? | A1: Yes. | Q2: Is this payment required to be recorded on your income tax return? | A2: No.

Relevant facts and circumstances: You have been in receipt of a Funded Lifetime Pension. The funds in this pension scheme are from a taxed source. The Product Disclosure Statement states that the payments to persons over 60 are tax free.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 301-10

Reasons for decision: Summary: Section 301-10 of the Income Tax Assessment Act 1997 states that if you are over 60 years of age when you receive superannuation benefits the benefit is not assessable income and is not exempt income. In your case the funds paid into your pension scheme are from a taxed source and therefore the benefits paid to you are non-assessable non-exempt income and are not required to be to be included in your tax return.