i am over 60 and receiving a defined benefit income stream (PSS fortnightly pension from ComSuper). When using the Defined Benefit Income Cap tool, the tax offset is calculated at $3332.00. However, when using MyGov to lodge my tax return, note the following details for estimated tax:
Taxable Income: $33844.00
Tax on taxable Income: $2509.44
Non Refundable Tax offsets
Low income earner $700.00
Superannuation Pension of Annuity -$1809.44
Medicare Levy $666.20
Estimated Tax Payable: $666.20
Questions:
1) Why is the Superannuation Pension Tax Offset $1809.44 and not the $3332.00 that was calculated via the Defined Benefit Income Cap Tool. Also note my defined Benefit income cap is $118,750.00
Yes, I am effectively not paying tax for the year but now up for the Medicare Levy each year. Trying to understand why the Tax Offset is different when calculated by the ATO when i submit my tax return to what the tool calculated based on 10 % of the Untaxed Element of $33325.00 from ComSuper income stream/pension?
Thanks in advance
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