My question relates to this advice rom the ATO website:
"You need to complete this section if you received a PAYG payment summary – superannuation lump sum that shows a taxed or untaxed element.
Don’t show the following at this section:
- Tax-free component of any super lump sum, including any super co-contribution or low-income super tax offset payment from us. These amounts are tax free and you don't include them in your assessable income.
- Taxed element of a super lump sum payment you received on or after your 60th birthday (these amounts are tax free and you don't include them in your assessable income)"
After I turned 60, I made 3 lump sum withdrawals from my superannuation. The super fund did not issue a PAYG payment summary, and they did not take tax out of any of these withdrawals.
Does that mean I don't have to write these lump sums on my tax return? If the super fund didn't take out tax, does that mean the amounts were "tax-free components"?
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