Calculating your T5 Tax payable and S Amount due or refundable

Warning:

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

End of attention

The steps below are provided to give a basic overview of how the calculation statement is intended to work. Refer to each specific item for a detailed explanation of its application within the calculation statement.

Step 1 Write the following amounts.

• If the amount at O Taxable income or loss item 11 is positive, write the amount at A Taxable income; write zero at A if O is a loss.

T1 Tax on taxable income

• (dependent on the compliance status of the fund, see the section below for a detailed explanation of T1) is calculated as follows:  
  • 15% of A if the fund is a regulated superannuation fund and you have not received a Notice of non-compliance from APRA
  • 45% of A if the fund is a non-complying fund.
   
• Different tax rates apply to some types of income; you must include at T1 the tax calculated at the correct rate for amounts shown at:
  • U Net non-arm’s length income item 10
  • T Assessable income due to changed tax status of fund item 10.
   

J Tax on no-TFN quoted contributions

• (additional tax on these contributions) calculated on the amount shown at

R3 No-TFN quoted contribution

• Item 10 as follows:
  • 31.5% for complying fund
  • 1.5% for non-complying fund.
   
• Write the amounts from your records for:
  • C1 Foreign income tax offset
  • E1 Complying fund’s franking credits tax offset
  • E2 No-TFN tax offset
  • E3 National rental affordability scheme tax offset
  • G Section 102AAM interest charge
  • H1 Credit for interest on early payments – amount of interest
  • H2 Credit for tax withheld – foreign resident withholding
  • H3 Credit for tax withheld – where ABN or TFN not quoted (non-individual)
  • H5 Credit for TFN amounts withheld from payments from closely held trusts
  • H6 Credit for interest on no-TFN tax offset
  • K PAYG instalments raised.
   
• Follow the fund instructions to calculate C2 Rebates and tax offsets amount (refer to the section for C2).

Step 2 Work out the following amounts:

• at B, add T1 and J
• at C, add C1 and C2
• at E, add E1, E2 and E3 and any other refundable tax offsets.

Step 3 Work out the amount at T2 Subtotal (refer to the section for T2, for examples and more information) as follows:

• if the amount at C is less than the amount at B Gross tax
  • take C away from B
  • write the result at T2
  • go to step 4 if the amount at C is more than or equal to the amount at B
  • write zero at T2 and T5 Tax payable
  • copy the amount at E to I Remainder of refundable tax offsets
  • go to step 5.
   

Step 4 Work out the amount at T5 (refer to the section for T5 for examples and more information) as follows:

• if the amount at E is less than the amount at T2
  • take E away from T2
  • write the result at T5
  • go to step 5
   
• if the amount at E is more than or equal to the amount at T2
  • take T2 away from E
  • write the result at I
  • write zero at T5
  • go to step 5.
   

Step 5 Work out the amount at H by adding from H1 to H6.

Step 6 For the amount at S, add T5 and G, and then subtract H, I and K:

• if the amount at S is positive, that amount is payable by the fund
• if the amount at S is negative, that amount is refundable to the fund.