T5 Tax payable

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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.

End of attention

Write at T5 the amount of tax payable after label E has been offset against label T2.

Label T5 cannot be less than zero.

Work out the amount at T5 as follows:

• if the amount at E is less than the amount at T2 (see example 9a)
• • take E away from T2
  • write the result at T5
   
• if the amount at E is more than or equal to the amount at T2 (see example 9b)
• • take T2 away from E
  • write the result at I
  • write zero at T5.
   

Example 9: Calculating T5 subtotal

Example 9a: Applying label E when gross tax is greater than refundable tax offsets - a payable position

Dark Red Superannuation Fund has the following amounts entered into its Fund income tax return:

Dark Red Superannuation Fund has an entitlement of $2,000 of non-refundable non-carry forward tax offset and $3,000 of refundable tax offset to be used to offset against $6,000 gross tax, so:

• tax payable has been reduced to $1,000 (T5)
• there is no refundable tax offset to be carried into I
• add the $200 (G) to the $1,000 (T5) to increase the liability to $1,200
• subtract the $250 (H) and the $750 (K) from the $1,200
• S will show a $200 liability.

Example 9b: Applying label E when gross tax is less than offsets - a refundable position

Light Red Superannuation Fund has the following amounts entered into its Fund income tax return:

Light Red Superannuation Fund has an entitlement of $2,000 of non-refundable non-carry forward tax offsets and $5,000 of refundable tax offsets to be used to offset against $6,000 gross tax, so:

• tax payable has been reduced to $0 (T5)
• the $1,000 of refundable tax offsets remaining, is transferred to I
• add the $300 (G) to the $0 (T5) to increase the liability to $300
• subtract the $540 (H), $1,000 (I) and the $750 (K) from the $300
• S will show a $2,090 refundable amount.