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Article ID: 30193946
Accountants Office Suite
Accountants Enterprise Suite
Australia
AO Tax (AU)
AE Tax Series 6 & 8 (AU)
AE Tax (AU)
ARTICLE LAST UPDATED: Jul 23, 2019 10:06
The ATO has made some changes to the way capped defined benefit income streams are taxed. From July 1 2017, if the total income from all capped defined benefit income streams is more than the Defined benefit income cap for the year, you might have some additional tax to pay.
Any tax-free or taxed element amounts received from a capped defined benefit income stream over the Defined benefit income cap at or after the taxpayer's 60th birthday, is treated as assessable income.
If the taxpayer is:
60 years of age or over; or
59 years of age or less and receiving a pension from a spouse who was over 60 when they died,
Open the individual tax return and click any label at item 7 to open the Annuities and superannuation income stream (asi) worksheet.
Choose the Type of Payment then enter the Payer's name, ABN and the Total tax withheld.
In the Capped defined benefit income stream – After 60th birthday or reversionary fields, enter the:
Taxed element
Untaxed element
Tax-free element
Any amounts entered at Taxed element amount paid at or after 60th birthday or other eligible defined benefit income streamreceived or Tax-free element also appears in the Total tax free and taxed element amount paid at or after 60th birthday field to calculate any assessable income.
For most taxpayers, the defined benefit income cap is $100,000. However, for some individuals this amount is less – for example, if you started receiving income from a capped define benefit income stream part-way through the year, the cap may be pro-rated.