I am in a defined benefit super scheme (retirement phase) and I have additioanl income from bank interest. Can I use the Superannuation income stream tax offset to reduce tax payable on my bank interest income? Or is the super offset limited to reducing tax on super payments only?
Generally the tax offsets you are entitled to are added together and used to reduce tax payable from your total taxable income. Refundable tax offsets can be treated differently and transferring unused SAPTO to spouse may be as well .
About tax offsets | Australian Taxation Office
The offset isn't limited to super income stream only.
Generally the tax offsets you are entitled to are added together and used to reduce tax payable from your total taxable income. Refundable tax offsets can be treated differently and transferring unused SAPTO to spouse may be as well .
About tax offsets | Australian Taxation Office
The offset isn't limited to super income stream only.
22 Apr 2024 · 6 min read time
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