Helping You Properly Declare Your Super Pensions, Annuities and Government Payments



An annuity payment is a regular payment you get from a life insurance policy, and they have both taxable and non-taxable parts to them. This payment is one of the easier ones to do. You have to include these amounts when you file your assessable income once you receive it. If you're a reversionary beneficiary for the annuity payment, this is how you will include it as well.


Government Payments


There are several types of Government Payments you regularly receive that you must claim when you lodge your taxes to do them correctly. These can be confusing, and at Etax Plus, we can assist you with this process. To properly submit your taxes, you must declare these government payments :

  • Age Pensions
  • Austudy
  • Carer Payments
  • Newstart
  • Youth Allowance

There are also some Government payments that you still have to declare when you lodge your taxes, even if the Government excludes these payments from traditional income tax. Those payments are :

  • Carer Adjustment Payments
  • Child Disability Allowance
  • Disability Support Payment (only if you are below the legal pension age)
  • Veterans' Affairs Allowances and Disability Pensions


Super Pensions

The final piece we'll talk about is how to lodge your taxes if you get Super Pensions. These types of payments can come from one of three sources, but the government excludes payments like age pensions from this category. Super Pensions can come from the following sources :

  • Australian Super Fund, Life Assurance Company, or an (RSA) Retirement Savings Account Provider
  • A Commonwealth Established Fund for State or Territory Employees - This Includes Dependents as well.
  • Death Benefit Income Stream

You will need to declare several pieces of your Super Income Stream payments. There are several parts you will have to declare to lodge your taxes correctly, and they are :

  • Taxed Element. This is a piece of your Super Income Stream payment that has taxes already paid in the funding.
  • Untaxed Element. This is a piece of your Super Income Stream payment that has not has taxes paid by the funding.

You will need to declare both of these parts when you lodge your taxes to ensure that they are done correctly.

If you've read this post and you're still unsure about what you have to declare when you lodge your taxes, contact us. Our friendly and professional staff will be happy to answer any questions you may have, and we will make sure you lodge your return correctly.