Many members contacted SCOA in early July 2018 after they received their payment summary from the Commonwealth Superannuation Corporation (CSC) and discovered that the amount showing the 10% tax offset was not included in the summary as it usually was.

We have received the following information from CSC in this regard:

So that your 2017-18 tax return is easier to complete, the Australian Taxation Office (ATO) has made some changes to what is reported on PAYG summaries—these changes apply to all superannuation funds, not just CSC. This means some of the information about your pension that used to be displayed on your summary is now reported directly to the ATO.

In particular, your tax offset amount has already been reported to the ATO and is not included on your statement. The offset will still be applied to your pension, but now the ATO will calculate your offset and ensure that you still enjoy its benefit.

The specific changes depend on your age.

If you are 60 or older:

  • The ATO no longer requires the tax offset to be shown on the statement—we have already reported this amount to the ATO so you do not need to enter it yourself when completing your tax return.
  • Your payment summary includes more information, including tax-free amounts. You may not have seen this information on your summary before, but it does not change the amount of tax you pay.

If you turned 60 last financial year:

  • You will have received two payment summaries, one covering the time up until you turned 60, and one for the period after that.

NOTE

Some people have been asking for a replacement PAYG statement that includes the offset amount. However, because of the new ATO requirements, we aren’t able to issue a statement that shows the offset amount.

More information about these changes and why they were made is available on the ATO website, ato.gov.au or by phoning 13 28 61 as well as on the CSC website at https://www.csc.gov.au/Members/News/Changes-to-your-2018-PAYG-pension-summary/

Canberra 9 July 2018