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Re: capped defined benefit superannuation income stream

Initiate

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Replies 4

Do I need to declare the capped defined benefit superannuation income stream for tax purpose? I was given a tax summary with 30 odd thousand income which I receive fortnightly, withholding tax of $169 only. I am 71 years old and this is NOT from a death benefit.

Thanks in advance

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Most helpful response

Devotee

Replies 2

The untaxed element is subject to tax.  As you are over 60, you are entitled to a 10% tax offset i.e. if the untaxed component is $30,000, you receive a $3,000 tax offset.

 

 

4 REPLIES 4

Initiate

Replies 3

By the way, that amount was in the untaxed element.

Most helpful response

Devotee

Replies 2

The untaxed element is subject to tax.  As you are over 60, you are entitled to a 10% tax offset i.e. if the untaxed component is $30,000, you receive a $3,000 tax offset.

 

 

Initiate

Replies 1

thanks for your comprehensive reply. I spent hours on the phone with ATO and superanuation yesterday, they did not know.

Do you also know if we can claim upto $300 without receipt for rental property? Or is that only for deduction? TIA

Devotee

Replies 0

Regarding your income stream, you super fund should have a fact sheet or similar information available on their website.

 

The $300 without substantiation rule relates to employee expenses.  However, for any rental property expenses you should have some evidence of paying the amount and what you paid it for.  For example if you have lost the receipt for council rates but can show details of an amount leaving your bank account you shouldn't have any problems.  However, if you have a large claim for repairs paid by cash without any documentation you might struggle to prove the deduction claim.