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.
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
The Australian Council of Public Sector Retiree Organisations (ACPSRO) today threw its support behind a call by the Defence Force Welfare Association (DFWA)’s call to have the Commonwealth Superannuation Corporation included in the Banking Royal Commission’s Terms of Reference.
Go to ACPSRO’s page to read the DFWA’s arguments, their open letter to the Prime Minister and ACPSRO’s letter to the Prime Minister.
Canberra 26 June 2018.
Following last week’s federal Budget, SCOA has provided a summary of the proposed measures that might affect some SCOA members.
SCOA will provide more information about the measures and the relevant legislation as it comes to hand, both on the website and in SuperTime.
CLICK HERE to read or download the budget summary.
Canberra 15 May 2018
At the end of January 2018 ACPSRO developed a short paper – ACPSRO – Consumer Price Indexation (CPI) – which explains why CPI indexation is not appropriate for setting any forms of income.
Since then the ACTU has launched a major national campaign to obtain higher wages.
Now that that campaign is well underway, ACPSRO has released a 26 March media statement Why typical wage rises don’t cut it showing how it is not just defined benefit pensioners but almost all wage earners, pensioners and Centrelink beneficiaries who are suffering quite severely from the inappropriate use of CPI income adjustments over many years.
ACPSRO Media Contact
0412 164 404
SCOA Australia’s President, Peter Illidge, has called on Opposition Leader Bill Shorten to reconsider Labor’s policy regarding dividend imputation credits announced last week.
“Our members are hardly fat cats; meny have pensions of $40,000 or below. If they receive a fully franked dividend of say $1,000, they would currently receive a refund from the ATO of franking credits worth $428. The loss of $428 is quite significant to low income pensioners”.
“Our defined benefit pensioners do not deserve to be targeted in this way”, said Peter Illidge.
Read Peter Illidge’s letter to Bill Shorten here.
Read the Media Release here
A General Meeting of SCOA Australia Incorporated will be held on Tuesday 10 April 2018 at 10.30am at the Pilgrim Hall (next to Pilgrim Church), 12 Flinders Street, Adelaide SA 5000.
The purpose of the General Meeting is to seek approval from members to a number of proposed amendments to the SCOA Australia Rules in relation to the nominations for and the election of office bearers and members of the National Committee.
Click here for further information or call National Office on phone 02 6286 7977.
19 February 2018
SCOA Australia’s newly appointed President, Peter Illidge, today supported calls by the Shadow Minister for Defence Personnel to have the Commonwealth Superannuation Corporation (CSC) included in the Banking Royal Commission.
Government employees have very little say in how their funds are invested or their scheme administered.
“It is important that the CSC be included in the Banking Royal Commission to make sure that every retired government employee, be they military or civilian, can have confidence that their scheme is administered and managed in their best interest”, said Peter Illidge.
You can read the full press release here.
Canberra, 12 February 2018
Union Shopper’s latest e-newsletter
Click on the link to see some of the specials in the latest e-newsletter from Union Shopper.
As a SCOA Australia member you can access Union Shopper discounts on just about anything you want to buy.
Get all the details of the item you are after, then call Union Shopper on 1300 368 117 and ask them if they can get it for you cheaper. They will call you back, often within the next 24 hours.
Canberra, 12 February 2018.
President of SCOA Australia steps down
In early January, Annette Barbetti informed SCOA Australia’s National Committee that she would be stepping down from her role as the President of SCOA Australia and as a member of the National Committee, due to a number of recurring health issues. Annette’s resignation was effective immediately.
Stalwart doesn’t begin to describe Annette Barbetti and her contribution to the organisation over a very long time, both at local ACT level and federally and nationally. Over the many years Annette has been associated with SCOA, she has held the posts of President and/or Vice President of the (former) ACT Branch as well as President and/or Vice President of the former Federal Council. She was instrumental in the establishment of SCOA Australia and has served as the President since its inception in February 2013.
Annette Barbetti has brought considerable knowledge and expertise to SCOA in the areas of Commonwealth defined pension indexation and taxation, and, more recently, all manners of age and retirement related issues such as the age pension, the Commonwealth Seniors Health Card, the ever changing rules regarding home care packages, supplementary payments to low income pensioners, carers’ issues and many, many others. As you all know, Annette always contributed in a significant way to the quantity and quality of items published in our newsletter. Her knowledge and skills in these areas will be missed.
Annette Barbetti is a life member of SCOA Australia and will remain as a member of the SCOA Australia ACT local committee.
Our thanks and best wishes go to Annette Barbetti from everyone at SCOA Australia.
Former Vice President, Peter Illidge, has been appointed as SCOA Australia’s new President and John Blount has taken over the role of Vice President.
More information will be available in the next issue of SuperTime due out in the first week of February 2018.
Canberra, 11 January 2018.
SCOA Australia today lodged its 2018/19 pre-Budget submission with recommendations in the areas of Commonwealth superannuation pension indexation and taxation, the taper rate for the age pension income test, the ability of retirees aged over 65 to transfer funds into their superannuation fund without having to satisfy any work test; the PBS Safety Net Limits, rent assistance for certain retirees, the Centrelink robo-debt system, Medicare and dental procedures and others.
Click here to read the full submission.
Canberra, 2 January 2018.