Decisions, decisions. Now I am in the PAYG Instalment system, I either go with the calculated amount, which is based on my 2023FY tax return, or the instalment rate.
As last year's tax return only partially took account of the Off-market Transfers which included ETFs I made when closing the SMSF, the calculated amount would be based on an understated full FY income, I think the instalment rate is the way to go.
I think the advice I received is hilarious with the breakdown of my investment income. I am sure a number of people who receive these advices could be confused with the grouping of "Other." Those who drafted the template letter probably struggled to clarify what it actually is, gave up and decided bugger it let's use "Other."
In case any reader is curious, it reflects the sum of the amounts for tax return labels 13U and 13C aka Net non-primary production (the amount you get from ETFs.) Buggered if I am going to go through each quarterly distribution of tax estimates to work it out. I'll simply multiply the distribution by the instalment rate for ease of calculation (the distribution may or may not include capital gain and supposedly you are not to include that for PAYG Instalment purposes.)
The things they do to us aged retirees.
As last year's tax return only partially took account of the Off-market Transfers which included ETFs I made when closing the SMSF, the calculated amount would be based on an understated full FY income, I think the instalment rate is the way to go.
I think the advice I received is hilarious with the breakdown of my investment income. I am sure a number of people who receive these advices could be confused with the grouping of "Other." Those who drafted the template letter probably struggled to clarify what it actually is, gave up and decided bugger it let's use "Other."
In case any reader is curious, it reflects the sum of the amounts for tax return labels 13U and 13C aka Net non-primary production (the amount you get from ETFs.) Buggered if I am going to go through each quarterly distribution of tax estimates to work it out. I'll simply multiply the distribution by the instalment rate for ease of calculation (the distribution may or may not include capital gain and supposedly you are not to include that for PAYG Instalment purposes.)
The things they do to us aged retirees.
