I received a small amount superannuation classaction settlement in 2022-2023. Since I was not the current member of that super fund and have no other super account that I could contribute to, being a retiree, the payment was deposited into my Aus Bank account. I did not receive a payment summary either. How can I declare that payment as my income and/or do I need to declare that as my income at all?
Hi @ThanZ
Can you provide details of the class action, who it was against and what it was for?
Hi @ThanZ
We'll need to look into this a bit more.
Thanks a lot AriATO
Hi @ThanZ
Can you provide details of the class action, who it was against and what it was for?
Hi, Thanks for asking the details; The class action was against Suncorp Portfolio Services Limited[SPSL] commenced in NSW Supreme court, concerning certain fees charged by SPSL to superannuation accounts. The Supreme Court approved Oct. 2022 and certain payments were made by SPSL financial services providers relating to the period 1July 2013 to 21 June 2019, to the registered memebers. I was one of the registered members.
As I mentioned before I had been retired at the time of the payment and I was allowed to nominate a normal Australian Bank Account in which the payment of approximately $19 was made.
Hope these details would help you.
Thanks a lot
Hey @Thanz,
Thanks for your ongoing patience with us on this!
Good news, no need to declare these payments as they aren't taxable nor assessable as income.
Thank you very much to you all CatherineATO, CaroATO and AriATO. Your replies were very helpful to me. Now I can finalise my Tax return. Thanks a lot again
Hi @ThanZ,
Thanks for your patience while we investigated this for you.
Based on guidance in our Compensation paid from financial institutions, and Compensation received by super funds from financial institutions and insurance providers | Australian Taxation Office (ato.gov.au) whether a reimbursement of fees is taxable depends on whether you claimed a deduction for those fees in your tax return.
If you are not required to lodge a 2022/23 tax return because of your entitlement to a seniors and pensioners tax offset, (SAPTO), you ignore the compensation payment. The cut-out thresholds are set out in the Rates and rebate income thresholds for SAPTO and Do you need to lodge a tax return? 2023 | Australian Taxation Office (ato.gov.au).
If the above links and guidance do not assist, please write in for technical tailored assistance.
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