Document ID: chunk:federal_register_of_legislation:F2024L00664:schedule:13:p23
Version: federal_register_of_legislation:F2024L00664
Segment Type: schedule
Provision Reference: sch 13 (pt 23/23)
Character Range: 298213–300946

below can be used to determine the period to use for calculating withholding for income streams that start during the financial year:
Age of payee                            If reversionary death benefit income stream                                     When income stream started                       Calculate portion of income stream for the following period
Over 60 years for full financial year   Any age for deceased                                                            Any time during the year                         Start of income stream to end of financial year
Turns 60 years during financial year    Not a reversionary death benefit income stream (ie. payee's own income stream)  Before payee turns 60                            Day payee turns 60 to end of year
After payee turns 60                    Start of income stream to end of financial year
Deceased was less than 60 years         Before payee turns 60                                                           Day payee turns 60 to end of year
After payee turns 60                    Start of income stream to end of financial year
Deceased was 60 years or more           Before Payee turns 60                                                           Start of income stream to end of financial year
After payee turns 60                    Start of income stream to end of financial year
Under 60 years for full financial year  Deceased was 60 years or more                                                   At any time during the year                      Start of income stream to end of financial year

Payment summaries

You must issue a PAYG payment summary – superannuation income stream to the payee for the total of the payments made in the financial year. This must be provided by 14 July. This date may be earlier if the payee requests it.

For 'account-based' income streams, you are only required to provide a payment summary to the payee where there is a requirement to withhold. You do not need to provide a payment summary for the period after the payee turns 60.
Example:

Sue turns 60 on 1 March 2025. You are required to provide a payment summary to Sue for the period 1 July 2024 to 1 March 2025. No payment summary is required for the period 2 March 2025 to 30 June 2025.

For 'capped defined benefit' income streams, where a payee turns 60 during the year you must issue two separate payment summaries – one for the period prior to the payee turning 60 and one for the period from the payee's 60th birthday.

A payment summary is required to be issued to a payee in receipt of a super income stream even if no tax was withheld.

Payment summaries can also be printed using software that conforms to our reporting specifications.