ANNUITY TAX GUIDE ANNUITY TAX GUIDE TO HELP YOU COMPLETE YOUR TAX RETURN Issue date: July 2015

Transcription

1 ANNUITY TAX GUIDE 2015 ANNUITY TAX GUIDE TO HELP YOU COMPLETE YOUR TAX RETURN Issue date: July 2015

2 Annuity Tax Guide 2015 This guide will help you complete your tax return if you received annuity income relating your investment(s) in Lifestream Guaranteed Income Guaranteed Index Tracked Annuity (GITA) Income Plan or IncomeSelect or Tailored Annuity Plan. To use this guide you will need: Your PAYG payment mary and the payment maries from any other income sources; A copy of the Tax return for individuals 2015 and A copy of the Individual tax return instructions You may wish give this guide your accountant or tax agent. Unless otherwise stated information in this tax guide is current as at 1 July If you have any questions regarding this tax guide or your investment with us or wish arrange an appointment with a financial adviser please contact us. For Lifestream Guaranteed Income GITA or Tailored Annuity Plan call For Income Plans and IncomeSelect policies call What you need know This tax guide is issued by The Colonial Mutual Life Assurance Society Limited ABN AFSL (CMLA). CommInsure is a registered business name of CMLA. CMLA is a wholly owned subsidiary of Commonwealth Bank of Australia ABN AFSL Commonwealth Bank of Australia and its subsidiaries do not guarantee CMLA or the products it offers. Information in this tax guide is based on the continuation of present taxation laws rulings and their interpretation. Views expressed are general information only and should not be relied upon as a substitute for professional advice. For taxation advice you should consult your tax agent. CMLA believes the information be accurate and disclaims responsibility for errors or omissions except the extent that any liability under any law cannot be excluded. Commonwealth Financial Planners are representatives or authorised representatives of Commonwealth Financial Planning Limited ABN AFSL Commonwealth Financial Planning Limited is a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia. Please refer the Tax return for individuals 2015 and follow the instructions below for items 7 and T2. Item 7 Australian annuities and superannuation income streams This will assist you with completing item 7 of the 2015 tax return relating super and non-super annuities. Action Add up the tax withheld amounts on your payment maries for your superannuation income streams and annuities. Write the tal in the left hand column under Tax withheld at item 7. Australian superannuation income streams Add up the taxed element amounts that appear under the heading on your superannuation income stream payment maries. Write the tal in box J at item 7. Note: CommInsure super annuities will only have the Taxable component taxed elements declare as assessable income. Australian non-super annuities Work out the assessable amount of your Australian non-super annuity by subtracting the deductible amount of the undeducted purchase price of an annuity from the gross payments shown on your payment mary. If you have more than one non-super annuity add all the assessable amounts gether. Write the tal in box N at item 7. 2

3 Annuity Tax Guide 2015 (continued) Will you need lodge an Australian tax return in the future? Your date of birth If you were under 18 years old on 30 June 2015 you must complete item A1 on page 7. Yes Don t know No FINAL TAX RETURN Provide your date of birth avoid delays in the processing of your tax return. Electronic funds transfer (EFT) We need your financial institution details pay any refund owing you even if you have provided them us before. Write the BSB number account number and account name below. BSB number (must be six digits) Account number Account name (for example JQ Citizen. Do not show the account type such as cheque savings mortgage offset) PAYG payment mary superannuation income stream You must complete all sections of this form. For help completing this form visit our website at a.gov.au/paymentmaries Payment mary for year ending 30 June Tax file number Given name(s) If you are amending a payment mary you have already sent place X in this box Income 1 Salary or wages Your main salary and wage occupation Payer s Australian business number Tax withheld do not show cents Income do not show cents C D E F G 2 Allowances earnings tips direcr s fees etc. 00 K 3 Employer lump payments 4 Employment termination payments (ETP) Date of payment Payer s ABN 5 Australian Government allowances and payments like Newstart Youth Allowance and Austudy payment 6 Australian Government pensions and allowances R H. 00 A. You must complete item T1 in Tax offsets. 00 B 7 Australian annuities and superannuation income streams in arrears taxable component J=. 00 I Taxed element Untaxed element Taxed element Untaxed element Amount A in lump payments box 5% of amount B in lump payments box J N JN Y Z TYPE Exempt foreign employment income Page 2 3 Sensitive (when completed) TAX RETURN FOR INDIVIDUALS 2015 Allowances (provide details) NAT Date of birth (if known) Tax-free component Tax offset amount TOTAL TAX WITHHELD Taxed element Untaxed element in arrears taxable component You must complete all sections of this form. Taxed element For help completing this form visit our website at a.gov.au/paymentmaries Payment mary for year ending 30 June Untaxed element in arrears tax free component Tax file number Section C: Payer details You must also Given complete name/sthis section Name (use the same name that appears on your activity statement) Privacy For information about your privacy visit our website at a.gov.au/privacy DECLARATION I declare that the information Date of birth given (if on known) this form is complete and correct. Signature of authorised person Australian business number (ABN) or withholding payer number (WPN) Branch number Date ATO original PAYG payment mary individual non-business If you are amending a payment mary you have already sent place X in this box. TOTAL TAX WITHHELD GROSS PAYMENTS (do not include amounts shown under Allowances payments CDEP payments and Exempt foreign employment income ) Community Development Employment Projects (CDEP) payments Reportable fringe benefits amount FBT year 1 April 31 March Reportable employer superannuation contributions (do not include compulsory super guarantee amounts. For more information see the back page of this form.) Deductible amount of the undeducted purchase price of an annuity If the information on this payment mary relates payments of a pension or annuity place X in this box. Type A B D E Amount inal

4 Annuity Tax Guide 2015 (continued) Item T2 Australian superannuation income stream If you have shown income from an Australian superannuation income stream at item 7 on your tax return you may be entitled a tax offset. Action We have worked out the tax offset amount for you and it is shown on your superannuation income stream payment mary under Tax offset amount. If you have more than one super annuity add all the tax offset amounts gether. Write the tal in box S at item T2. Note this section does not apply Australian non-super annuities. PAYG payment mary superannuation income stream You must complete all sections of this form. For help completing this form visit our website at a.gov.au/paymentmaries Payment mary for year ending 30 June Tax file number Given name(s) If you are amending a payment mary you have already sent place X in this box Your tax file number (TFN) Date of birth (if known) TOTAL TAX WITHHELD Taxed element Untaxed element Tax-free component ATO original Tax offsets Tax offset amount T1 Seniors and pensioners (includes self-funded retirees) If you had a spouse during you must also complete Spouse details married or de fac on pages 8 9. N The ATO will work out this tax offset amount. Print your code letter in the TAX OFFSET box. Y TAX OFFSET T2 Australian superannuation income stream. S 00 T If you completed the Tax return for individuals (supplementary section) 2015 write here the amount from TOTAL SUPPLEMENT TAX OFFSETS on page 16. VETERAN in arrears taxable component Taxed element Untaxed element in arrears tax free component Section C: Payer details You must also complete this section Name (use the same name that appears on your activity statement) Australian business number (ABN) or withholding payer number (WPN) Branch number TOTAL TAX OFFSETS Add up all the tax offset amounts at items T2 and T. U 5 6 NAT Privacy For information about your privacy visit our website at a.gov.au/privacy DECLARATION I declare that the information given on this form is complete and correct. Signature of authorised person Date

5 CIL