• Calculating your T5 Tax payable and S Amount due or refundable

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    Warning:

    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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    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 0 (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
      • 47% 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) is calculated on the amount shown at R3 No-TFN-quoted contributions item 10 as follows:
      • 34% for a complying fund
      • 2% for a 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:

    • add T1 and J, write the result at B
    • add C1 and C2, write the result at C
    • add E1, E2 and E3, write the result at E

    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 Tax offset refunds (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.
    Last modified: 21 Aug 2015QC 44343