Document ID: chunk:federal_register_of_legislation:F2024L00664:schedule:13:p20
Version: federal_register_of_legislation:F2024L00664
Segment Type: schedule
Provision Reference: sch 13 (pt 20/23)
Character Range: 290702–293375

reporting

Freya will receive two PAYG payment summaries – superannuation income stream:

(1) PAYG payment summary – superannuation income stream

(personal income stream)

Applicable dates: 01/07/2024 – 30/06/2025

Tax withheld $988

Taxable component – taxed element $60,000

Taxable component – untaxed element $0

Tax-free component $10,000

Tax offset $9,000

(2) PAYG payment summary – superannuation income stream

(reversionary death benefit income stream)

Applicable dates: 28/02/2025 – 30/06/2025

Tax withheld $5,904

Taxable component – taxed element $30,000

Taxable component – untaxed element $10,000

Tax-free component $10,000

As the source of this income stream was from an income stream that was subject to concessional tax treatment, no tax offset should be provided on the payment summary. Any entitlement to a tax offset will be calculated upon assessment.

If Freya's circumstances were different:

You would not reduce Freya's defined benefit income cap and you would follow the steps in part B, part C or part D (as applicable) to calculate the withholding amount if:

    * Freya was 60 years or over for the full financial year and was receiving the reversionary income stream for the full financial year, whether her partner died before or after he was 60, or
    * Freya turns 60 during the financial year and her partner died aged 60 or over, and she was in receipt of the reversionary death benefit income stream for the full financial year.

If Freya was under 60 for the full financial year and Freya's partner had died before he turned 60, you would not reduce the defined benefit income cap and you would follow the steps in part A to calculate the withholding amount.

If Freya turns 60 during the financial year and her partner died aged under 60, and she was in receipt of the reversionary death benefit income stream for the full financial year, you reduce the defined benefit income cap based on the date she turned 60 years of age, and you would follow the relevant steps that are set out in the Loraine examples to calculate the withholding amount.

If Freya was 60 or over for the full financial year or turns 60 during the financial year, and she received the reversionary death benefit income stream for part of the year you would reduce the defined income cap based on either the day she turned 60 or the start of the income stream. You would follow the steps in part B, part C or part D (as applicable) to calculate the withholding amount. However, the following changes to certain steps in each of these parts will be required:

    * In step 1 of part B and step 2 part C or part D, instead of converting the income stream