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T1 Tax on taxable income

Last updated 12 February 2019

Show at T1 the amount of tax payable before the allowance of any rebates, tax offsets, and credits. T1 is the amount at A multiplied by the applicable tax rate. The tax rates applicable are listed in Appendix 3: Tax rates.

The compliance status of the fund affects the tax rates that apply. If the fund is a regulated superannuation fund, ADF or PST and you have not received a Notice of non-compliance from APRA, then the fund is a complying fund and the standard tax rate is 15%. If the fund is a non-complying fund the standard tax rate is 45%.

Different tax rates apply to the following types of income and you must ensure that you apply the correct tax rate to amounts shown at any of:

  • U Net non-arm’s length income item 10
  • T Assessable income due to changed tax status of fund item 10.
  • If you have shown an amount at R3 No-TFN quoted contributions include in the calculation of the amount at T1 the tax calculated on taxable income at the standard rate (or the correct rate for net non-arm's length income or assessable income due to changed tax status of fund). The additional tax on No-TFN quoted contributions is shown at J.

Use examples 5 and 6 to help you calculate the tax on taxable income amount.