Undeducted purchase price of pensions and annuities

Finding out your UPP

Australian income streams

If your income stream commenced before 1 July 2007, your super fund or life insurance annuity should be able to tell you what your deductible amount is. Alternatively, we can work it out for you.

If your income stream commenced after 1 July 2007, you do not need to know what your deductible amount is as your fund has converted this to your tax-free component.

Usually when you start to receive a super income stream, the income stream provider will give you a copy of the details. You can also expect to receive a yearly payment summary.

Australian super income stream providers must supply additional information with the payment summary, such as your tax-free component (previously known as the deductible amount). However, a payment summary is not required for a super income stream paid from a taxed source if you are 60 years old or over.

If you want to find out the tax-free amount of UPP for your super income stream, complete and send us a Request for a determination of the deductible amount of UPP of an Australian pension or annuity (NAT 16544).

If you realise that you did not claim your deductible amount in the current or previous year income tax return, you may be able to request an amendment. Refer to Amendment requests 2011.

Sections within Australian income streams

• Finding out your UPP