This article provides the recommended steps to prepare a "PAYG Payment Summary - Superannuation Income Stream" in Class
- Set up Class for SBR lodgment. For more information refer to Setting up SBR Lodgment for Tax Agent in the User Guide
- Ensure the processing for the fund is up to date for the relevant financial year. Make sure all pension payments, including any PAYG withheld, are processed and matched for the year.
- Process and lodge any outstanding activity statements, particularly those containing PAYG withheld information.
- Print the PAYG Payment Summary - Income Stream report Navigate to Fund Level >Browse PAYG lodgment > Run A Report or Report Package for the selected fund and the relevant financial year.
- Use this "PAYG Payment Summary - Superannuation Income Stream" report as the reference to review the details pre-filled in the lodgment list and make changes where necessary.
- Once the PAYG Payment Summary - Superannuation Income Stream data has been lodged electronically, print a copy to give to the member of the fund. This information will be required by the member to complete their Individual Tax Return.
It is best practice to make changes in the pension drawdown events before the lodgment of the "PAYG Payment Summary - Super Income Stream" data summary details. This will ensure the events processed in Class will agree with the actual lodgment to the ATO.