The taxable component of such payments is detailed on the payment summary received from the superannuation fund as 'Taxed and/or Untaxed elements'. These amounts, together with the Assessable amount of non-superannuation annuities are entered at labels J and N.
Lump sum in arrears taxable components are detailed on the payment summary received from the superannuation fund as 'Taxed and/or Untaxed elements'. These amounts are entered at labels Y and Z.
Tax-free components are non-assessable non-exempt income and must NOT be included at any item in the return. However, they are taken into account when calculating the assessable amount of a capped defined benefit income stream at label M.
Is the total of amount of tax withheld as detailed in the PAYG payment summary-superannuation income stream plus amounts of tax withheld from Australian non-superannuation annuities detailed in the PAYG payment summary-individual non-business.
Taxable Component
J Taxed element
Is the sum of all the taxed element amounts of Australian superannuation income streams and must only contain amounts that were paid before the taxpayer turned 60 years of age.
N Untaxed element
Is the sum of all the untaxed elements of Australian superannuation income streams, whether the taxpayer has reached the age of 60 years or not, plus the assessable amounts of Australian non-superannuation annuities.
Assessable amount from capped defined benefit income stream
M Assessable amount
Is the assessable amount of capped defined benefit income stream
14-120 Superannuation lump sums and income streams 14-125 Superannuation income stream benefits and minimum standards 14-130 Components of a superannuation benefit 14-140 Tax free component of a superannuation benefit 14-150 Taxable component of a superannuation benefit 14-220 Taxation of benefits from a taxed source 14-240 Taxation of benefits from an untaxed source 14-320 Transfer balance cap regime 14-370 Defined benefit income cap — modified tax rules on excessive payments 14-510 Taxation of non-superannuation annuities and foreign fund pensions