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Vaughan(Newbie)Newbie
7 Oct 2022

Hi, I am a 68 year-old self-funded retiree, receiving an account-based pension from my public offer super fund (ING). Much of my super contributions have been non-concessional, after-tax contributions. Do I qualify for the super income stream tax offset? I need it to offset some CGT in the 21-22 tax year.

I imagined that I would, but when I contacted my super fund, they told me (after 3 calls and a few days to reply) that this offset only applies to the older style defined benefit income streams.

As I do not always believe everything that the working-from-home call center folks tell me, can someone please advise me if I do qualify.

Thank you for your help.

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543 views
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JodieR_ATO(Community Support)Community Support
10 Oct 2022

Hi @Vaughan,


If you're receiving an income stream you should already be aware of the taxable components of it. If it had an Untaxed element, this is the only amount that is reportable and looked at for tax once you're 60yrs+. Any taxed element and tax-free component is no longer reportable for the whole amount for individuals 60yrs+.


The untaxed element is also the amount that is entitled to a super income stream tax offset. This is applied once it's included on your return. If you're 68yrs of age and you don't have any untaxed element to report, you wont receive an income stream tax offset, as no amount of your super income stream is taxable.


Also the super income stream tax offset only reduces tax payable on the super income stream. Not your capital gain amount.

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Most helpful reply

JodieR_ATO(Community Support)Community Support
10 Oct 2022

Hi @Vaughan,


If you're receiving an income stream you should already be aware of the taxable components of it. If it had an Untaxed element, this is the only amount that is reportable and looked at for tax once you're 60yrs+. Any taxed element and tax-free component is no longer reportable for the whole amount for individuals 60yrs+.


The untaxed element is also the amount that is entitled to a super income stream tax offset. This is applied once it's included on your return. If you're 68yrs of age and you don't have any untaxed element to report, you wont receive an income stream tax offset, as no amount of your super income stream is taxable.


Also the super income stream tax offset only reduces tax payable on the super income stream. Not your capital gain amount.

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Can I claim the Australian super income stream tax offset? | ATO Community