T5 Tax payable



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

End of attention

Is the amount at T2 Subtotal more than the amount at E Refundable tax offsets?


Write 0 at T5.

Take T2 Subtotal away from E Refundable tax offsets.

Write the result at I Tax offset refunds.


  • Take E Refundable tax offsets away from T2 Subtotal.
  • Write the result at T5.


T5 is mandatory. If you leave T5 blank, you will have specified a zero amount.

Example: Calculating T5 Subtotal (refundable tax offsets less than T2)

SMSF T5 has no excess refundable tax offsets. It writes the following amounts in its SMSF annual return:

Section D: Income tax calculation statement

Amount not used in calculation

Amount used in calculation

T2 Subtotal



E1 Complying fund's franking credits tax offset



E Refundable tax offsets



T5 Tax payable


I Tax offset refunds


SMSF T5 takes the $500 refundable tax offsets away from its T2 Subtotal of $1,500. The amount at T5 Tax payable is $1,000 (that is, $1,500 – $500).

End of example
Last modified: 15 Jan 2016QC 44344