Calculating your T5 Tax payable and S Amount due or refundable
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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:
Last modified: 21 Aug 2015QC 44343
- 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.