Document ID: chunk:federal_register_of_legislation:F2024L00664:schedule:13:p21
Version: federal_register_of_legislation:F2024L00664
Segment Type: schedule
Provision Reference: sch 13 (pt 21/23)
Character Range: 293157–295800

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 payment to an annualised amount, use the 'Conversion table' below this schedule for income streams commencing during current financial year to work out the converted amount of the super income stream. Use this figure in the relevant steps in part B, part C or part D instead of the annualised amount.
    * In step 2 of part B or step 3 and step 5 of part D, divide the relevant excess amount by the number of remaining periods in the financial year since the income stream started or the payee turned 60 to the end of the financial year. Use the 'Conversion table' for income streams commencing during current financial year to work out the appropriate date.
    * In step 3 of part C or step 3 and step 5 in part D, divide the relevant capped offset amount by the number of remaining periods in the financial year since the income stream started or the payee turned 60 to the end of the financial year. Use the 'Conversion table' for income streams commencing during current financial year to work out the appropriate date.

Super death benefits

Dependants

Dependants include all children of the deceased under 18 years old, any spouse of the deceased (including a former spouse and a current or former de facto spouse), and any person with whom the deceased had an interdependency relationship.

An interdependency relationship includes a close personal relationship between two people who live together, where one or both provides for the financial and domestic support and personal care of the other.

A dependant can also be a person who was financially dependent on the deceased.

Non-dependants

A person who is not a dependant of the deceased is not able to receive a super income stream from the deceased. A super death benefit income stream that was being paid to a non-dependant prior to 1 July 2007 is taxed in the same manner as a super death benefit income stream paid to a dependant.

Reversionary income streams

A death benefit income stream can either be reversionary or non-reversionary. A reversionary death benefit income stream is a super income stream that reverts to the entitled beneficiary automatically upon the member's death, if the death benefit payment is not a reversionary income stream then it is treated as if it was the member's income stream.

Supporting information

Defined benefit income cap

The defined benefit income cap is relevant if the payee is either:
    * 60 years