When tax is withheld

If you have obligations to withhold tax, you need to:

  • register for PAYG withholding
  • obtain a tax file number (TFN) declaration from the member    
  • if they don’t provide their TFN before the payment is made you must withhold tax at the top marginal rate (47% for residents or 45% for non-residents from 1 July 2017) from the taxable component
  • calculate the rate of withholding that applies in accordance with Schedule 13 – Tax table for superannuation income streams and Schedule 12 – Tax table for superannuation lump sums
  • issue a PAYG payment summary to the recipient of the benefit    
    • PAYG payment summary – superannuation lump sum within 14 days of making the lump sum payment
    • PAYG payment summary – superannuation income stream by 14 July following the end of the financial year in which the payment was made
  • lodge a PAYG withholding payment summary statement with the ATO, usually by 14 August following the end of the financial year in which the payment was made, even if the amount you needed to withhold from the income stream was nil.

Running a self-managed super fund (SMSF)

Steps Progress

What is an SMSF?

3 mins

Your obligations when running an SMSF

1 mins

Contributions and rollovers

1 mins

Contributions

6 mins

Rollovers

6 mins

Managing your fund’s investments

36 mins

Paying super benefits

8 mins

Types of benefits

18 mins

Reporting and administration

1 mins

Understand how your fund is taxed

5 mins

Value your fund’s assets and prepare financial statements

2 mins

Arrange and receive an SMSF audit

7 mins

Lodge your SMSF annual return (SAR)

4 mins

PAYG withholding obligations

4 mins

Reporting transfer balance cap events

3 mins

Record-keeping requirements

2 mins

Notify the ATO and ASIC of changes

2 mins

Consider professional advice

2 mins

Help and more information

3 mins

Related courses

1 mins

Course feedback