Did the SMSF receive payments from which the payer had withheld an amount because the SMSF had not provided its ABN?
No |
Leave H blank. Go to I. |
Yes |
Read on. |
Write at H the gross value of all payments made to the SMSF where payers withheld an amount because the SMSF had not provided its ABN. The amount at H should not be reduced by any loss or outgoing related to the income.
The amount that you write at H must be the gross value, that is, it must include both the amounts paid to the SMSF and the amounts that payers withheld.
The payers must give you a PAYG payment summary (or equivalent information) with their payment or as soon as practical after they make the payment. The PAYG payment summary:
- includes the information that you need to complete at H
- must be kept with your tax records. For more information see Record-keeping requirements.
You must also:
- include the corresponding credit for the tax withheld at H3 Credit for tax withheld – where ABN or TFN not quoted (non-individual) in Section D
- complete and attach a Non-individual PAYG payment summary schedule.
If you include an amount at H that is exempt current pension income, include it also at Y Exempt current pension income.
For more information, see:
- PAYG withholding
- Division 18 of Schedule 1 of the Taxation Administration Act 1953.
Example: PAYG withheld because ABN not quoted
In 2017–18, SMSF H received $5,100 from a company. That company also gave SMSF H a PAYG payment summary which stated that the company had withheld $4,900 tax from the payment.
SMSF H reports:
H Gross payments where ABN not quoted in Section B $10,000
H3 Credit for tax withheld – where ABN or TFN not quoted (non-individual) in Section D $4,900
End of example