We have pre-filled your tax return with payment summary information provided to us. Check for Australian annuity payments you received that are not pre-filled and ensure you add them.
Australian annuities (also called non-superannuation annuities) are paid to you by Australian life insurance companies and friendly societies.
Answering this question
You will need your PAYG payment summary – individual non-business which shows the amount of your annuity and its undeducted purchase price (UPP).
Completing your tax return
1. Select from the drop-down menu ‘Australian annuity payment’.
2. Using your payment summary enter the following information:
- payer's name
- payer's Australian business number (ABN)
- tax withheld
- gross amount of annuity
- deductible amount of UPP (if any).
We will work out the assessable amount by subtracting the deductible amount of your UPP from the gross amount.
3. Click on ‘Save’.Instructions on completing your individual tax return using myTax.