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?
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