The amount in ‘T2 Australian superannuation income stream’ should include the sum of tax offset amounts from Item 7 ‘Superannuation income stream’ worksheets. Also, it may include additional tax offset, but it is not always 10% from untaxed, ATO reference
The Tax offset was calculated by the system after entering the defined benefit income cap.
Currently LodgeiT doesn’t have this calculation, and user should calculate "defined benefit income stream" manually and impute it in item 7 (see attached excel calculation)
Use the Defined benefit income cap tool to calculate the untaxed element of your capped defined benefit income stream. Alternatively, you can manually calculate it using worksheet 1.
Rebate (Tax offset) calculation, $3876
"A": from ATO calculator (Defined benefit income cap tool)
The client earned "Total Income" of $51,620, client has 7,246.10 tax to pay. And Rebate of $4,101.58.
