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Show at I the balance of tax payable or refundable as indicated on the tax return.
The amount at I does not take into account any interim or voluntary payments that the fund has made against its income tax liability for the 2010-11 income year. If the fund has made such payments, take these into account in calculating the final payment, but do not show the interim or voluntary payment amounts on this tax return.
We do not require a payment when the tax return is lodged. However, if you prefer to make payment at this time, see Payment.
The fund must keep all documentation issued by financial institutions detailing payments of income and any TFN amounts deducted from those payments.
The fund must also maintain details of any TFN amounts deducted from an income payment made to the fund and subsequently refunded by their financial institution. The fund must keep a record of the following details for the refund:
- amount of refund received
- date of refund, and
- investment reference number, for example, the bank account number of the investment relating to the refund.
Example 9: Completing income tax calculations
Example 9a: Refund position: non-complying superannuation fund
The example below, illustrates a straight forward calculation for a non-complying superannuation fund.
Example 9b: Payable position: complying superannuation fund
Rebates and offsets cannot be offset against the gross tax amount in so far that it will result in a negative amount at D. In the example below, the 'rebate and, offsets' amount (C) exceeds the 'gross tax payable' amount (B) by $400. The amount of $400 cannot be used to offset the final liability of $61 (I).
Last modified: 13 Feb 2019QC 28016