If you show an amount at Discount from taxed-upfront schemes - eligible for reduction you may be entitled to a reduction of up to $1,000 on the amount that you are assessed on. This will be shown in myTax as ESS adjustment.
MyTax will calculate this for you.
If you would like to see how myTax works this out, follow these steps.
- Did you show an amount at Discount from taxed-upfront schemes - eligible for reduction?
Yes − Go to step 2.
No − You are not entitled to an ESS adjustment. - Calculate the total of the following amounts from your tax return:
- your Taxable income for the year (calculated as though you are not entitled to the $1,000 reduction), excluding any assessable First home super saver released amount
- your Total reportable fringe benefits amounts
- your Reportable employer superannuation contributions
- your Net financial investment loss
- your Net rental property loss
- your Deductible personal superannuation contributions.
- Is the amount calculated at step 2 greater than $180,000?
Yes − You are not entitled to an ESS adjustment.
No − Go to step 4. - Is the total amount for Discount from taxed-upfront schemes - eligible for reduction greater than $1,000?
Yes − Your ESS adjustment is $1,000.
No − Your ESS adjustment is the total amount of Discount from taxed-upfront schemes - eligible for reduction.