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F5 Credit: no-TFN tax offset

Last updated 28 July 2020

Show at F5 the no-TFN tax offset claimed.

A fund is entitled to a refundable no-TFN tax offset for the current income year if:

  • tax was payable by the fund on an amount of no-TFN-quoted contributions in one of the most recent three income years ending before the current year and
  • the no-TFN-quoted contributions were made to the fund to provide superannuation benefits for an individual who provided their TFN to the fund for the first time in 2008-09.

The no-TFN tax offset is the total of the additional tax paid or payable on amounts of no-TFN-quoted contributions where the above conditions have been met.

Example 7: Superannuation fund showing a credit at F5 Credit: no-TFN tax offset

The Margarita Superannuation Fund is a complying fund. The fund reported $10,000 no-TFN-quoted contributions in its 2008 tax return and paid additional tax of $3,150 on those no-TFN-quoted contributions.

The no-TFN-quoted contribution income included $2,000 of assessable contributions made by Julie, as she had not provided her TFN to the fund by 30 June 2008. For the no-TFN-quoted contributions attributed to Julie, the fund paid $630 tax. Julie provided her TFN to the fund on 30 September 2008.

In its 2009 tax return, the fund is entitled to claim a no-TFN tax offset for the $630 tax paid on the $2,000 no-TFN-quoted contributions reported in the fund's 2008 tax return. The $630 is included at F5 item 12.

End of example