Document ID: chunk:federal_register_of_legislation:F2024L00664:schedule:13:p1
Version: federal_register_of_legislation:F2024L00664
Segment Type: schedule
Provision Reference: sch 13 (pt 1/23)
Character Range: 243645–246507

Schedule 13 – Tax table for superannuation income streams

This schedule applies to withholding payments covered by paragraph 12-80(a) of Schedule 1 to the TAA.

The amounts, formulas and procedures in this schedule were last updated on 1 July 2024.

About this schedule

Using this schedule

Use this schedule if you make a payment of a super income stream, including:
    * account-based super income streams – including death benefit income streams
    * capped defined benefit income streams – including death benefit income streams
    * transition to retirement income streams
    * temporary or permanent disability super income streams.

Super income streams

A super income stream is a series of regular payments from a superannuation provider when the payee has satisfied a condition of release. These regular payments can be paid weekly, fortnightly, monthly, quarterly or annually.

A super income stream may be:
    * an account-based super income stream
    * a capped defined benefit income stream which includes a:

-          lifetime pension, regardless of when it started
-          lifetime annuity that existed prior to 1 July 2017
-          life expectancy pension or annuity that existed prior to 1 July 2017
-          market-linked pension or annuity that existed prior to 1 July 2017
-          reversionary death benefit income stream.

Note: A commutation of an income stream is not a super income stream payment. It is a super lump sum. Refer to Schedule 12 – Tax table for superannuation lump sums.

Defined benefit income cap

The general defined benefit income cap for the 2024-25 financial year is $118,750. The defined benefit income cap may be reduced depending on the payee's circumstances.

Components of a super income stream

Before you can work out the withholding amount, you must calculate the components of the super income stream.

A super income stream may have two components:
    * taxable component, which can include either or both of an:

-          element taxed in the fund (taxed element)
-          element untaxed in the fund (untaxed element)
    * tax-free component.

Tax file number (TFN) declarations

Receiving and applying TFN declarations

The answers your payees provide on their Tax file number declaration determine the amount you need to withhold from their payments. A Tax file number declaration applies to any payments made after you receive the declaration. If you receive an updated declaration from a payee, it will override the previous one.

If a payee does not give you a valid Tax file number declaration within 14 days of starting a payer/payee relationship, you must complete a Tax file number declaration with all available details of the payee and send it to us.

When a TFN has not been provided

You must withhold 47% for residents and 45% for foreign residents (ignoring