EI 2018: Item 7 - Aus Annuities & Super income calculation

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Article ID: 30193946

ARTICLE LAST UPDATED: Aug 02, 2018 12:24

In MYOB Tax version 2018.0 when calculating the tax-free element for Item 7 : Australian annuities and superannuation income streams, the system does not include the $100,000 benefit cap.

This is happening if you have not completed the new field at Item 7 - Transfer balance cap. Complete this item for the correct calculation.

If you are not sure about what value needs to be entered in Transfer balance cap label use the the ATO calculator : Defined benefit income cap tool to calculate the amount and enter it in MYOB.

For more information refer to the ATO newsletter - Tax professionals newsletter, Issue 29 - Join our live webcast – 10 August

If you are getting a PLS rejection: CMN.ATO.IITR.000666, check your amounts at Item 7 : Australian annuities and superannuation income streams and Item T2 - Australian Super income stream

MYOB INTERNAL STAFF ONLY

Insert PR# 159202379683

SR# 159192780547

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