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MLC Retirement
How to Complete
your Tax Return
using TaxPack 2009
How to Complete
your Tax Return
using TaxPack 2009
Questions and Answers
What information is
included with my PAYG
Payment Summary?
(for non-superannuation MLC
MasterKey Annuity Investors only)
To assist with the accurate assessment
of your income stream by the Australian
Tax Office (ATO), a ‘Summary of
Income Payments’ has been included
with your PAYG Payment Summary.
Please provide both of these to your
taxation adviser or accountant if they are
completing your 2008/2009 Tax Return.
Q2
How do I complete my
Tax Return?
Q3
What if my Tax File Number
is not shown on the
Payment Summary
The Tax File Number shown on your
Payment Summary is the number
provided by you on the Tax File Number
Declaration Form (formerly known as
Annuity and Superannuation Pension
Declaration Form).
Where your Tax File Number has not been
given, one of the following will appear:
•999 999 999 – no Tax File Number
provided. MLC is required by
legislation to deduct tax at a rate
of 46.5%, after adjusting for the
Deductible Amount from your
income payments.
The ATO has issued the information
booklet known as the TaxPack. This
booklet, containing several Tax Return
forms, should have been available to
you in July.
•111 111 111 – MLC has been advised
that an application for a Tax File
Number has been made but not
yet allocated. The ATO will generally
allocate a number to you within
28 days.
The TaxPack will assist you in
completing your Tax Return. Please refer
to it for further information. Copies of
the TaxPack can also be obtained from
newsagents and the ATO.
•222 222 222 – MLC has been advised
that an interim notice has been issued
but an official Tax File Number has not
yet been granted.
MLC has only prepared an example
of how to complete the annuity and
pension pages of your Tax Return.
The important points to remember are:
•The total gross Superannuation
Pension or Annuity Taxable amount
you received during the 2008/2009
financial year should be completed
in question 7 of the TaxPack.
•If your investment was purchased
with a Superannuation Lump Sum
you may be eligible for a Tax Offset.
The ‘PAYG payment summary –
superannuation lump sum’ will contain
a section called ‘Tax Offset amount’,
you will then need to answer question
T4 of the TaxPack.
Page 03
•444 444 444 – MLC has been
advised that an exemption to
provide a Tax File Number has been
granted, (eg the income recipient
receives an age, widow or Veterans’
Affairs pension).
If you have any questions or require
further information, please contact your
financial adviser or phone the MLC Client
Service Centre on 132 652 weekdays
between the hours of 8 am and 6 pm
(AEST/AEDT).
The information contained in
this brochure is based on our
understanding of the taxation laws
and forms at the time of publication
and is for general information only.
For advice in connection with your
particular tax affairs, contact a
professional adviser or accountant.
This brochure contains excerpts
from the TaxPack 2009 published
by the Australian Taxation Office
and is copyright Commonwealth of
Australia reproduced by permission.
MLC Limited ABN 90 000 000 402
105–153 Miller Street
North Sydney NSW 2060
50053 MLC 07/09
Q1
MLC Limited
ABN 90 000 000 402
AFSL 230694
MLC Nominees Pty Limited
ABN 93 002 814 959
AFSL 230702
RSE L0002998
The Universal Super Scheme
ABN 44 928 361 101
Registration number R1056778
How to Complete
your Tax Return
using TaxPack 2009
Q7 TaxPack 2009 pages 13–14
This guide is to be
used in conjunction
with the ‘2009
Tax Return for
Individuals’.
T2 TaxPack 2009 pages 63–65
Did you receive any income from an Australian:
•annuity,
•superannuation pension, or
•pension not shown at question 6?
No Go to question 8
Are you eligible for the Senior Australian tax offset?
If you are unsure, refer to page 63 of the TaxPack 2009 for information on eligibility for
this tax offset. If you have a spouse, you will also need to work out if your spouse is
eligible. See the definition of spouse on pages 93–94 of TaxPack 2009.
No Go to question T3
Yes Yes 3 Read below
Payment summary for year ending 30 June 200
7
Payee details
John Smith
1 Sample Street
Sampleville NSW 2000
1
Note: the example given only applies to income
from a MLC MasterKey Allocated Pension,
MLC MasterKey Term Allocated Pension,
MLC MasterKey Pension, MLC MasterKey
Pension Fundamentals or MLC MasterKey
Annuity. You will still be required to complete the
rest of your Tax Return in accordance with your
personal circumstances.
Investors who have investments with more than
one fund manager will need to aggregate the
various totals before entering them onto their
2009 Tax Return. For more information please
contact your tax adviser.
Salary or wages
NOTICE TO PAYEE
Your main salary and wage occupation
If this payment summary shows an amount in the total tax withheld box, you must lodge a tax return. If no
Occupation code X
tax was withheld you may still have to lodge a tax return. For more information about
this payment summary
or lodging your tax return, you can:
Tax withheld
Income
Payer’s
Australian
business number
(do not show cents)
(do not show cents)
! visit
www.ato.gov.au
! refer to TaxPack, or
.00
.00
C
! phone 13 28 61 between 8.00am and 6.00pm, Monday to Friday.
Day/Month/Year
Day/Month/Year
Period of payment
You will require the following in order
to complete your Tax Return:
•Your Summary of Income Payments
(non-superannuation annuity clients only)
If you do want to calculate your tax offset, you can use the senior Australians and
pensioner tax offset calculator at www.ato.gov.au/calculators
Income
To assist you in completing your Tax
Return for 2008/2009, we have included
the following examples. In addition,
MLC has prepared some questions
and answers to help you identify areas
relevant to your particular situation.
•Your PAYG Payment Summary
Read below
If you are entitled to the tax offset, you do not need to calculate your offset entitlement.
The ATO will calculate your entitlement for you using your taxable income details and
your tax offset code letter. Read page 64 of the TaxPack 2009 to determine which code
letter you will need to use.
PAYG payment summary – superannuation income stream
The Australian Taxation Office also
issues a ‘Short Tax Return 2009’ form
and a ‘Retirees TaxPack 2009’. If you
are using these forms please refer to
your accountant or financial adviser
for assistance in completing your
Tax Return for 2008/2009.
Note
Payee’s tax file number
2
to
123 456 789
3
4
Employer lump sum payments
Tax free component
$
Tax offset amount
$
Day
Month
E
.00
.00
F
.00
G
$2,500.00
.00
K
Amount A in lump
sum payments box
.00
.00
R
TYPE
$1,125.00
.00
3
Tax offsets
.00
H
T1
$
Taxable component
Year
.00
.00
I
TYPE
.00
A
Australian
Government pensions and allowances
________________________________________________________________
.
Payer’s ABN or withholding payer number
Australian annuities and superannuation income streams
Payer’s name
T4
T5
$2,500 .00
Taxed element
J
Untaxed element
N
$10,000 .00
.00
Taxed element
Y
.00
Date
Lump sum in arrears – taxable component
MLC Nominees Pty Limited ABN 93 002 814 959 is the product issuer of the MasterKey Pension ProductsZand is the
Untaxed element
T6
T
Trustee of The Universal Super Scheme R1056778, SFN 281440944 ABN 44 928 361 101
TYPE
MLC
is thefrom
issuer ofyour
the
MasterKey
Annuity
Products AFSL
230694, ABNto
90 000
402
8 Australian
superannuation
lump
sum payments
Copy
theLimited
details
PAYG
Payment
Summary
question
7 on your Tax Return
Date of payment
Payer’s
ABN
.00
Year
Taxable component
Taxed element
Q
.00
Untaxed element
P
.00
Y
CODE
CODE
TAX
OFFSET
VETERAN
O
T
CODE
CODE
S
$1,125 .00
G
.00
Transfer the amount from TOTAL SUPPLEMENT TAX OFFSETS on page 8 and write it here.
.00
Australian superannuation income stream
Private health insurance
You must also complete Private health insurance policy details below.
Ongoing baby bonus claim
First-time baby bonus claimants and all transferees
must use the Baby bonus instructions and claim 2008.
.00
Write this total amount in the boxes
under Tax withheld in the left column
at item 7 on your tax return.
Number of
eligible days
Amount of refundable tax offset not
previously claimed by way of reduced
private health insurance premiums
If you received a ‘superannuation
pension’ with an undeducted
purchase price (UPP) before 1 July
2008, the deduction which you
claimed on your past tax returns is
now accounted for and included in
the tax-free component.
VETERAN
N
If you had a spouse during 2007–08 you must also complete Spouse details – married or de facto on page 5.
Branch number
Taxable component
Signature of authorised person
Page 01
TAX
OFFSET
If you completed item T2 Senior Australians above DO NOT complete this item.
T3 Pensioner
.00
Add up all the tax withheld amounts
on all the payment summaries from
your Australian superannuation
income streams and Australian
non-superannuation annuities.
TYPE
See page 67 of the TaxPack for details regarding this
.00
CLAIM
.
00
P
If you had a spouse during 2007–08 you must also complete Spouse details – married or de facto
Question
T4 refers
to tax offsets for an Australian superannuation pension
or annuity.
on page 5.
Child-housekeeper’s
.00
V for is shown
The tax offset youseparate
maynetbeincome
eligible
on your PAYG payment summary –
T2superannuation
Senior Australians income
(includes age
pensioners, service pensioners and self-funded
stream.
If you had a spouse during 2007–08 you must also complete Spouse details – married
or de facto on page 5.
newstart, youth allowance and austudy payment
Month
Read below
retirees)
Lump sum in arrears $
$
tax free component
Australian
Government allowances and payments like
as per the above example.Day
Go to question T5
Spouse (without dependent child or student), child-housekeeper or housekeeper
If you received an Australian
non-superannuation annuity,
you would have received a PAYG
payment summary – individual
non-business.
Your PAYG payment summary
– superannuation income stream
may also show the tax-free
component of your superannuation
income stream. That amount is
non-assessable non-exempt
income, that is, tax-free income.
Do not show it anywhere on your
tax return.
Did you receive an Australian superannuation income stream shown on a
PAYG payment summary – superannuation income stream (this is shown at
item 7 of your Tax Return)?
No Yes 5% of amount B in
lump sum payments box
00
B
Australian
annuities
income streams
You must also complete
item T2 or and
T3 in Taxsuperannuation
offsets on page 4.
Payer details
7
T4 TaxPack 2009 page 67
.00
$
Payer’s Untaxed element
ABN
6
.00
Lump sum intermination
arrears – taxable
component
Employment
payments
(ETP)
Taxed element
Date of payment
5
$10,00.00
$
Untaxed element
.00
.00
Allowances, earnings, tips, director’s fees etc
$
D
.00
TOTAL TAX WITHHELD $
Taxable component
Taxed element
.00
If your MLC Income Stream was purchased with a Superannuation Lump Sum you
may be eligible for a tax offset. You will need to answer question T4 of the TaxPack by
copying the amount shown as your Tax Offset amount on your PAYG payment summary
– superannuation income stream into question T4 of the TaxPack as shown below.
Australian superannuation pensions
and superannuation annuities are
now known as superannuation
income streams. A sample of the
PAYG payment summary –
superannuation income stream is
shown on the opposite page.
CODE
H
Only used by taxpayers completing the supplementary section
TOTAL TAX OFFSETS
Items T1, T4, T5 and T – add up the
boxes.
U
.00
Private health insurance policy details
Page 02
You must provide the details for each policy if item T5 or item M2 asked you to complete this section.
Health insurer ID
Membership number
F
TYPE
MLC Retirement
How to Complete
your Tax Return
using TaxPack 2009
How to Complete
your Tax Return
using TaxPack 2009
Questions and Answers
What information is
included with my PAYG
Payment Summary?
(for non-superannuation MLC
MasterKey Annuity Investors only)
To assist with the accurate assessment
of your income stream by the Australian
Tax Office (ATO), a ‘Summary of
Income Payments’ has been included
with your PAYG Payment Summary.
Please provide both of these to your
taxation adviser or accountant if they are
completing your 2008/2009 Tax Return.
Q2
How do I complete my
Tax Return?
Q3
What if my Tax File Number
is not shown on the
Payment Summary
The Tax File Number shown on your
Payment Summary is the number
provided by you on the Tax File Number
Declaration Form (formerly known as
Annuity and Superannuation Pension
Declaration Form).
Where your Tax File Number has not been
given, one of the following will appear:
•999 999 999 – no Tax File Number
provided. MLC is required by
legislation to deduct tax at a rate
of 46.5%, after adjusting for the
Deductible Amount from your
income payments.
The ATO has issued the information
booklet known as the TaxPack. This
booklet, containing several Tax Return
forms, should have been available to
you in July.
•111 111 111 – MLC has been advised
that an application for a Tax File
Number has been made but not
yet allocated. The ATO will generally
allocate a number to you within
28 days.
The TaxPack will assist you in
completing your Tax Return. Please refer
to it for further information. Copies of
the TaxPack can also be obtained from
newsagents and the ATO.
•222 222 222 – MLC has been advised
that an interim notice has been issued
but an official Tax File Number has not
yet been granted.
MLC has only prepared an example
of how to complete the annuity and
pension pages of your Tax Return.
The important points to remember are:
•The total gross Superannuation
Pension or Annuity Taxable amount
you received during the 2008/2009
financial year should be completed
in question 7 of the TaxPack.
•If your investment was purchased
with a Superannuation Lump Sum
you may be eligible for a Tax Offset.
The ‘PAYG payment summary –
superannuation lump sum’ will contain
a section called ‘Tax Offset amount’,
you will then need to answer question
T4 of the TaxPack.
Page 03
•444 444 444 – MLC has been
advised that an exemption to
provide a Tax File Number has been
granted, (eg the income recipient
receives an age, widow or Veterans’
Affairs pension).
If you have any questions or require
further information, please contact your
financial adviser or phone the MLC Client
Service Centre on 132 652 weekdays
between the hours of 8 am and 6 pm
(AEST/AEDT).
The information contained in
this brochure is based on our
understanding of the taxation laws
and forms at the time of publication
and is for general information only.
For advice in connection with your
particular tax affairs, contact a
professional adviser or accountant.
This brochure contains excerpts
from the TaxPack 2009 published
by the Australian Taxation Office
and is copyright Commonwealth of
Australia reproduced by permission.
MLC Limited ABN 90 000 000 402
105–153 Miller Street
North Sydney NSW 2060
50053 MLC 07/09
Q1
MLC Limited
ABN 90 000 000 402
AFSL 230694
MLC Nominees Pty Limited
ABN 93 002 814 959
AFSL 230702
RSE L0002998
The Universal Super Scheme
ABN 44 928 361 101
Registration number R1056778