Tax on your Income Stream Payments

If you have been receiving payments (fortnightly, monthly or annually) from your AMP Retirement Account or Allocated Pension;  your Income and Tax information is contained in the letter from AMP titled “Member Plan Review”.  These letters were sent out in the first week of July.  If you would like a copy, phone or email Sandy  (08) 9321 2222 and I will forward this to you.

If you are required to declare these payments as ‘income’ and/or if tax has been deducted – a PAYG Statement is included with the Plan Review and needs to form part of your 2017/18 Tax Return.  The letter will also advise you if you are not required to declare the income for taxation purposes.

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ALSO – if your AMP Retirement/Pension account is in a “Transition to Retirement” account type, you will also have received a “Member Statement” towards the end of July.   The Long Term Investment Option returns as at 30 June 2018 contains no information.  We have been advised that – “In line with the Super Reforms requirements,  TTR members were moved from un-taxed investments to taxed investments.  Doing so involved moving members from the retirement phase option to the accumulation phase version of the option, however there were unforeseen impacts, whereby returns data for super-phase investments were not able to be populated in retirement account statements.

Rather than potentially disadvantaging members by delaying the distribution of statements, a business decision was made to send them out without the long term returns.

This issue does not impact super or fully-commutable pension accounts, and there is a plan in place to redistribute the annual statements with the appropriate returns information.”

 

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Categories: Tax