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jenj56(I'm new)I'm new
12 Aug 2024

Doing tax online, question asks Do you get income from Superannuation, you have to tick box, then it specifies Income Stream and you tick that. Then you are supposed to add details from your statement. There is no prefill done. My super fund said I dont need to do it but the chat bot said I do.

We do not get a payment summary.

Do I really need to tick that box?

I am over 65, there is no untaxed element on my income stream.

I am confused.

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490 views
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TobyJDodd(Devotee)Registered Tax Professional
12 Aug 2024

HI @jenj56 ,


Once you are over 65 your super pension payments will generally be tax-free and not recorded in your income tax return.


There are a number of exemptions to this, (like the untaxed element component you refer to)


Your superfund will know, or talk to your local registered tax agent.


Toby

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Most helpful reply

TobyJDodd(Devotee)Registered Tax Professional
12 Aug 2024

HI @jenj56 ,


Once you are over 65 your super pension payments will generally be tax-free and not recorded in your income tax return.


There are a number of exemptions to this, (like the untaxed element component you refer to)


Your superfund will know, or talk to your local registered tax agent.


Toby

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Do I tick yes to Superannuation Income Steam over 65 | ATO Community