Item T2 - Australian superannuation income stream

See Item T2 label S on the ATO website for further information.

The Superannuation income streams (annuity and pension) offset is calculated in the worksheet Annuity and Super Income Stream Offset (pen).

This worksheet is a transactional dialog that permits more than one pension or superannuation annuity offset to be calculated and claimed.

If you received income from an Australian superannuation income stream and declared that income at Item 7, you may be entitled to a tax offset equal to 10% or 15% of all or part of the taxable component of the superannuation income stream benefit.

If the untaxed element exceeds the defined benefit income cap, the excess amount should be excluded while entering the value into the worksheet.