Originally Posted by
Snoopy
You assume wrongly. Providing your PIR rate is correct, there is no need to declare any of your PIE income in your IR3.
If your PIR rate is 17.5%, but your income gets into the higher than $49k tax bracket, then you may be required to declare your PIE income to correct the amount of tax that should have been deducted at source. But if you inform all the institutions which hold your PIE income generating income units of your correct PIR rate, then there is no need to declare any PIE income in your tax return, irrespective of how high your income gets.
It remains optional to declare your PIE income in your IR3 at any time. But this is done for a special situation where some taxpayers can make use of PIE tax credits to offset tax payable from other income sources. For most people it does not make sense to declare their PIE income in their IR3.
SNOOPY
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