Are you a military member receiving either Part A or Part B pension?
Are you aware of the Full Federal Court decision regarding military invalidity benefits?
What does this mean?
If you have been receiving CommSuper after 20 September 2007, you may have been taxed incorrectly.
As a result of the Full Federal Court decision, military members on either DFRDB or MSBS pensions are entitled to have their previous years tax returns amended to reduce the tax payable on their disability portion of their pension.
The Australian Taxation Office (ATO) have now advised that to start the streamline amendment process, affected taxpayers must provide their full name, phone number and email contact details to VeteranCommonwealthSuperannuation@ato.gov.au
Upon receipt of these details the ATO will contact eligible members to provide further details if required.
The ATO have advised that these amendments will likely take a minimum of 56 days to process depending on the individual’s situation.
Please share amongst your peers so no one misses out.