Australian annuities (also called non-superannuation annuities) are paid to you by Australian life insurance companies and friendly societies. These payments are shown on your PAYG payment summary – individual non-business.
Completing this section
You will need your PAYG payment summary – individual non-business which shows the amount of your annuity and its undeducted purchase price (UPP).
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.
- For each payment summary that has not been pre-filled in your tax return, select Add and enter information into the corresponding fields.
MyTax will work out the assessable amount by subtracting the deductible amount of your UPP from the gross amount.
- Select Save.
- Select Save and continue.