Author: StevenATO(Community Support)Community Support 1 July 2024
Hi @Brookesheppeard
If your super withdrawal had a taxable component, you'll need to include it on the tax return. Sounds like there's tax withheld from it, which would happen if at least some of it was taxable. The payment will prefill once the superfund has lodged the relevant payment info with us. You can enter the information yourself if you want to lodge sooner.
Super payments will increase taxable income. We calculate HELP repayments from the taxable income.
You mention early release of super due to compassionate grounds. Depending on what that was you may be eligible to request a HELP deferral. If approved, you'd have less or even no compulsory repayment this year.
Hi stevenATO
I had a similar question I received a PAYG summary from my superfund but I am not sure where to code the lump sum if it goes in A Or D? I’ve had conflicting responses online and could not answer over the phone
Author: Deb_ATO(Community Support)Community Support 7 July 2024
Hi @lukemurphy2085
You'll need to put the lump sum in Question 8- Australian super lump sum payments. You won't need to code it A or D.
Check out our further info on Completing your tax return.
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