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

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Article ID: 30193946

ARTICLE LAST UPDATED: Jan 24, 2019 10:41

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 happens if you have not completed the new field at Item 7 - Transfer balance cap. You'll need to complete this item for the correct calculation.

What value do I need to enter in the Transfer balance cap label?

Use the the ATO calculator : Defined benefit income cap tool to calculate the amount and enter it in MYOB.

What's new in the individual tax return?

To support the new way taxpayers are taxed on the defined benefit income, the ATO has made changes to payment summaries and created a new item: Item 7 Label M in the tax return.

You will now need to calculate your client's tax offset and include this amount at the tax offset label T2.

For more information see the ATO newsletter - Tax professionals newsletter, Issue 29 - Join our live webcast – 10 August and the ATO link - Item 7 - Australian annuities and superannuation income streams 2018 on how to complete this label.

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

There is currently an issue if you have more than one payment summary. Enter the correct value in one of the schedules by calculating the Transfer balance cap using the ATO calculator Defined benefit income cap tool. Make sure the value in MYOB matches the ATO calculator.

MYOB INTERNAL STAFF ONLY

Insert PR# 159202379683

SR# 159192780547

Use PR 162039823120 when there is multiple payment summaries.

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What value do I need to enter in the Transfer balance cap label?

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