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RPD's avatar
RPD
Trusted Partner
5 years ago
Solved

Tax Offset T2 - Australian Superannuation Income Stream

I've encountered a problem at this item.

The  taxpayer is over 60, has received a ComSuper income stream (all untaxed element).

 

I think they should be entitled to a 10% rebate (up to a limit) of the untaxed element. - as in all past years.

 

See the attached screenshot - The system is calculating zero Offset while I think it should be $3.991

 

Am I missing something?

 

 

  • MattN's avatar
    MattN
    5 years ago

    Hi RPD

     

    Thanks for the question.

     

    Can you tell us what value you have at Item 7, Label M.

     

    This value will affect the calcuation of the Annuity and Superannuation Income Stream Offset.

     

    Check out our KB from 2018 for instructions on item 7 : EI 2018: Item 7 - Aus Annuities & Super income calculation.  While this knowledge base article refers to 2018, the instructions remain the same for 2019.

     

    You can also check out the ATO website for more info (I went to get this earlier, but the ATO website went down!) - T2 Australian superannuation income stream 2019

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  • MattN's avatar
    MattN
    MYOB Moderator
    5 years ago

    Hi RPD

     

    Thanks for the question.

     

    Can you tell us what value you have at Item 7, Label M.

     

    This value will affect the calcuation of the Annuity and Superannuation Income Stream Offset.

     

    Check out our KB from 2018 for instructions on item 7 : EI 2018: Item 7 - Aus Annuities & Super income calculation.  While this knowledge base article refers to 2018, the instructions remain the same for 2019.

     

    You can also check out the ATO website for more info (I went to get this earlier, but the ATO website went down!) - T2 Australian superannuation income stream 2019

    • RPD's avatar
      RPD
      Trusted Partner
      5 years ago

      Aha!

      Yes I had not inserted the defined benefit Income Cap of $100K

      When I put that in the rebate now calculated corectly.

      However Item 7M is still blank - the $39,991 is going to 7N.

       

      Interesting about your reference to 2018 though - I left the cap out in that year too and the rebate calculated correctly.  The 2018 return was prepared on 25th July 2018 - Perhaps it was corrected in a later update?

      • MattN's avatar
        MattN
        MYOB Moderator
        5 years ago

        Hi RPD 

         

        The ATO implementd Item 7 label M - assessable amount from capped defined income stream last year.

         

        ATO insturctions for T2 say that if you have an amount at item label M then you are not entitled to a tax offset on the untaxed element related to that amount. This generated a validation error CMN.ATO.IITR.000666 when the amount was entered at T2 worksheet.

         

        We implemented a change in a later 2018.1 release to accomodate this ATO change. We would recommend reading and following the ATO instructions on data entry on tax forms.

         

        MYOB tax software is prepared in consideration of those instructions. Feel free to contact us if you still have issues.