Annuities and superannuation income streams worksheet (asi)

If you're completing a current year tax return see Applying the Australian Super annuity/income stream offset and Defined benefit cap and the ATO's Defined benefit income cap tool to complete item 7: label M–Assessable amount from capped defined benefit income stream.

From 1 July 2017, for taxpayers who are aged 60 or over, special tax rules are applied to any capped defined benefit income stream and you must complete the Capped defined benefit income stream section of the worksheet to calculate the assessable amount to show at item 7: label M.

Australian annuities (also called non-superannuation annuities) are paid to you by Australian life insurance companies and friendly societies.These payments are shown on your PAYG payment summary – individual non-business.

This is an MYOB Tax worksheet. It's not lodged with the ATO. It applies to:

the individual return items:
- 7: Australian annuities and superannuation income streams
- T2: Australian superannuation income stream (tax offset)
the trust return item:
- 14: Other Australian income in the Trust return for deceased estates.

To complete the Australian Annuities and superannuation income stream worksheet (asi)

You can have more than one asi worksheet. Complete a new one for each Payment summary received from a different fund.

Select the fund or click New to add a different fund.

2. Select the type of fund:

S: Australian Annuity or Superannuation income stream
N: Non-Superannuation Annuity with or without and Undeducted Purchase Price (UPP).

3. Enter the components of the payment from the payment summary received from the fund.

When you close the worksheet, we'll pass the sum of the amounts to from all asi worksheets to item 7: labels J and N.

To claim any offset entitlement in relation to your Australian superannuation income stream payment, complete the Annuity and Super Income Stream Offset (pen) worksheet at item T2.

Superannuation lump sum in arrears

A separate section is provided for Superannuation Lump sums in arrears (LSIA) payments.

Enter lump sum in arrears amounts for taxed, untaxed and tax-free elements as shown on the payment summary, received when you were under 60 years of age.

When you close the worksheet we'll pass the amount to item 7 label Y.

MYOB Tax does not currently support the calculation of the LSIA offset. If there is such a payment, you will need to inform the ATO by completing the Other Attachments (AO) schedule. Use the Quick Access point to open the OA.

The ATO calculate any LSIA offset and include it the Notice of Assessment.

If you've calculated it yourself, enter it in the special field provided in the client's Return Properties > Estimate > Income Arrears Rebate. In this way, the F4 estimate will agree with the NoA.

ATO pre-fill

If you download the ATO pre-fill report, we'll pre-fill this worksheet using the Pre-fill manager.

Pre-fill is dependent on data available at the ATO at the time. This means that very early in the current income year, this information might not be complete. It can act as a guide for checking with your client at the time you're preparing the return.

You can:

download pre-fill reports for clients via PLS
view these reports in PDF format and then populate the pre-fill information into your client's tax return
press F3 to validate the return produces a list of the imported values as well as any errors it detects before completion and lodgment.