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  • TOFA gains from financial arrangements (other than interest, dividends and foreign income)

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    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    If the TOFA rules apply to the fund's financial arrangements include at S any assessable gains and any assessable TOFA transitional balancing adjustment amount relating to existing financial arrangements.

    Include here any TOFA gains (or part thereof) that you have not already included at:

    • C Gross interest
    • J Unfranked dividend amount, or
    • D1 Gross foreign income.

    If what you show at S includes an amount brought to account under the TOFA rules, also complete item 16 Taxation of financial arrangements (TOFA).

    See also:

    Guide to the taxation of financial arrangements (TOFA)

    Listed investment company (LIC) capital gain amount

    If a complying superannuation fund, ADF or PST received a distribution from a partnership or a trust, and that partnership or trust claimed a deduction for a LIC capital gain amount, then the superannuation fund, ADF or PST must add back as income one-third of their share of the deduction claimed by the partnership or trust and include the amount at S.

    If a non-complying superannuation fund or ADF receives a distribution from a partnership or a trust, and that partnership or trust claimed a deduction in respect of a LIC capital gain amount, then the non-complying superannuation fund or ADF must add back as income its share of the deduction claimed by the partnership or trust and include the amount at S.

    Assessable balancing adjustment amounts

    If the superannuation entity ceases to hold or to use a depreciating asset, it will need to calculate a balancing adjustment amount to include at S as assessable income or to claim as a deduction at L Other deductions item 11. See Guide to depreciating assets 2010 for more information.

    Rebate or refund of premium paid to provide death or disability benefits

    Show at S rebates and refunds of premiums that a complying fund receives and that are attributable to insurance policy premiums paid by the fund to provide superannuation death benefits and temporary or disability superannuation benefits.

    Disability superannuation benefits and benefits payable because of a person's temporary inability to engage in gainful employment are assessable income of the superannuation fund where the premium payment was either allowed or is allowable, in whole or in part, as a deduction.

    Gross payments subject to foreign resident withholding

    Show at S gross payments made to the fund that were regulated foreign resident income. Gross payments include amounts of tax withheld. Do not include at S gross distributions of regulated foreign resident income from partnerships and trusts. Instead, include distributions from partnerships at I Gross distribution from partnerships and include distributions from trusts at Q Trust distributions other amounts.

    Regulated foreign resident income refers to payments which are prescribed in the Taxation Administration Regulations 1976 as being subject to the foreign resident withholding measure.

    Do not include payments where the amount was varied to nil under the foreign resident withholding measure because the income was not taxable under a double-tax agreement.

    Complete and attach a Non-individual PAYG payment summary schedule 2010. For instructions on completing this schedule, refer to Schedules.

    If you show a credit at F2 Credit: foreign resident withholding item 12 for tax withheld, you must include the corresponding gross payment at S Other (except where the credit is from partnership or trust distributions).

    Show gross payment even if the credit is nil.

    Gross distributions of foreign resident regulated income from a partnership or trust does not have an associated payment summary.

    Print in the Code box the code from table 5 that best describes the greatest amount included at S Other income.

    Table 5: Other income codes

    Code

    Type

    F

    Forex gains

    T

    TOFA gains or assessable TOFA transitional balancing adjustment

    C

    LIC capital gain amount

    B

    Assessable balancing adjustment amount

    R

    Rebate or refund of premium paid to provide death or disability benefits

    W

    Gross payments subject to foreign resident withholding

    O

    Other income received not listed above

    Last modified: 13 Feb 2019QC 22855