1. Current PIR (tax rate) held
This refers to the current PIR we have on record for you.
2. SuperLife schemes
The tax summary table covers every SuperLife scheme in which you are invested, except the SuperLife UK pension transfer scheme which is not a portfolio investment entity (PIE). Every fund in SuperLife Invest is detailed because each fund is also a PIE. You can learn more about the schemes and funds by reading the relevant product disclosure statement.
3. PIR tax rate
The PIR tax rate shows the prescribed investor rate (PIR) we had on record for you at 31 March 2020. We used this rate to work out the tax on investment earned for each of your SuperLife schemes (except the SuperLife UK Pension scheme).
4. Taxable income
This refers to how much of your scheme’s investment income is taxable. PIEs have special tax treatments so not all the income earned from your PIE investments is taxable.
What is taxable depends on the type of assets held by your funds and schemes. Find out more here.
5. Gross tax payable
This refers to how much tax you are paying on your investment income. The amount is worked out using this formula:
Gross tax payable = PIR x taxable income
The non-taxable part of your investment return, taxable investment return and the tax payable are shown on your regular member statements which are available online.
6. Tax credits
A tax credit reduces the amount of tax that you pay. For example, if the fund you are in earns income from overseas investments for which tax has been paid, a tax credit is available.
7. Net tax paid
This figure is the total tax paid or total tax refunded to your account balance in a SuperLife scheme (except the SuperLife UK pension scheme) for the period 1 April 2019 to 31 March 2020.
A negative amount shown in your net tax column means you received a larger tax credit amount than the amount of tax paid. A positive figure means your tax credit was smaller than the tax paid.
Your tax has already been paid on the investment income so no action is needed when you receive this certificate. However, if you gave us the incorrect PIR, you may need to complete a tax return.
8. Gross administration fees
Administration fees that you pay are deductible for tax purposes. We have claimed these fees against your taxable income on your behalf. The gross administration fees you have paid are shown here. Please note that the fees displayed in your regular statements are net of tax.