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09 Feb 09 Super income streams paid once a taxpayer turns 60

The ATO advises that the taxed element of a super income stream paid to a client once they turn 60 is tax free and should not be declared in their tax return. Some super fund members who are 60 or older are declaring the taxed element of their super income stream in their annual tax return because these amounts have been included on their PAYG payment summary - superannuation income stream. If a client received super income stream payments during the year they turned 60, agents should check that their payment summary does not contain any taxed elements received by them once they turned 60.

For a copy of the ATO advice, go here.

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