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  • Priority of use of the tax offsets



    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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    Funds have access to two types of tax offsets:

    • non-refundable non-carry forward tax offsets
    • refundable tax offsets.

    The first category of tax offsets to be applied against gross tax is C Non-refundable non-carry forward tax offsets. As the name of this category suggests, if the tax offsets are greater than the gross tax, the excess of offsets is lost. If gross tax is greater than the offsets at C the remaining tax is shown at T2 Subtotal.

    The second category of offsets is E Refundable tax offsets. Any excess of offsets above the remaining tax payable at T2 is refundable to you and shown at label I Remainder of refundable tax offsets. Any shortfall of refundable tax offsets against T2 becomes your tax payable amount at T5 Tax Payable.

    Any amount at G Section 102AAM interest charge is payable and will increase the T5 amount. KPAYG instalments raised, rather than just paid, on your activity statements and other credits named under H Eligible credits will be applied against your tax payable amount to determine the amount due by the fund or refundable to the fund.

    Last modified: 13 Feb 2019QC 25835