Annuity and Super Income Stream Offset (pen)
The Australian Annuities and Super Income Streams dialog collects the information required to calculate the offset the taxpayer is entitled to, if any.
This is a transactional dialog used to record more than one entry for details of annuities and superannuation income streams from more than one fund that the taxpayer may receive. A transactional dialog lets you add more than one transaction.
If you enter more than one set of payment details, the sum of the offset calculated integrates to item T2 in the tax return. It's also included in the tax estimate.
| Field | Description |
|---|---|
| Payer's name | This is for record keeping purposes only. The checkboxes on the right-hand side of the dialog are to collect information required and that is not contained on the Payment advice received by the taxpayer. |
| Taxpayer receiving disability pension | If the payment is a disability income stream and the taxpayer has not yet reached 55 years (the current preservation age), checking this box will provide the taxpayer with the higher offset. Select this checkbox if this condition is true. |
| Death Benefits | Different rules apply to Death benefit income streams and if the payment is a death benefit, select this checkbox. |
| Dependant of deceased | If the payment is a death benefit, this field will be open to edit and must be selected if the condition is true. |
| Deceased 60 or over | A different rate of tax is applied for death benefit payments where the deceased was 60 or over at the time of death. For the correct calculation of the offset, if this condition exists for a death benefits payment, select this checkbox. A note displays if the checkbox is selected: If untaxed element exceeds defined benefit income cap, the excess amount should be excluded |
| Taxpayer 60 or over | This information is also required for the correct calculation of the offset. MYOB Tax selects this checkbox depending on the date of birth entered on the front cover of the return. A note displays if the checkbox is selected: If untaxed element exceeds defined benefit income cap, the excess amount should be excluded |
| Taxpayer 55 to 59 | This information is also required for the correct calculation of the offset. MYOB Tax selects this checkbox depending on the date of birth entered on the front cover of the return. |
| Date of Payment | This date establishes whether the taxpayer received the payment before the preservation age of 55 and not after the age of 60 was reached. The date is entered in the format dd/mm/ccyy. |
| Amount of payment eligible for offset | Enter the amount eligible for this rebate. Exclude from this amount the amount received by the taxpayer prior to reaching the age of 55 |
