Did the SMSF pay, or was it required to pay, PAYG instalments for 2017–18?
No |
Leave K blank. Go to L. |
Yes |
Read on. |
Write at K the total of the SMSF’s PAYG instalments for 2017–18, whether or not the PAYG instalments have actually been paid.
You can find the SMSF's PAYG instalment amounts on its activity statements.
If the SMSF used the instalment amounts worked out by us, its PAYG instalment amounts were pre-printed at:
- T7 on the SMSF’s quarterly activity statements, or
- T5 on the annual instalment activity statement.
If the SMSF did not use the instalment amounts worked out by us, work out its PAYG instalment amounts by subtracting the credits claimed at 5B from the amounts reported at 5A on its activity statements.
To ensure the SMSF receives the correct amount of credit for its PAYG instalments, make sure all of its activity statements are finalised before lodging the annual return. If the SMSF is required to lodge its activity statements, it should do so even if it can’t pay on time, or has nothing to pay.
The SMSF is entitled to a credit for its PAYG instalments even if it has not actually paid a particular instalment. However, the SMSF will be liable for the general interest charge on any outstanding instalment for the period from the due date for that instalment until the date it is fully paid.
When you complete your SMSF's PAYG instalment activity statement
You must exclude the SMSF's exempt current pension income from the amount you write at T1 PAYG instalment income on the PAYG activity statement if you use the instalment rate method to calculate your SMSF's PAYG instalments. See PAYG instalments.