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20 Aug 08 Super income streams - clarification on the use of payment summaries

The ATO has clarified the statement contained in the Individual income tax return forms for the 2007-08 financial year that indicate that payment summaries are needed to complete questions about superannuation income streams. The ATO says, however, that the PAYG payment summary - superannuation income stream form is only needed by individuals who either receive superannuation income stream payments before their 60th birthday or individuals who receive payments that contain an untaxed element. For taxed element amounts paid after an individual turns 60 there is no requirement for a fund to withhold any tax from the payment and therefore the fund is not required to issue a payment summary.

For a copy of the ATO clarification, go here

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