• S Other income

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    Show at S the assessable amount of any income received that does not fall into any of the other categories shown at A to U. Other income may include, but is not limited to, the following categories.

    TOFA amounts from financial arrangements

    If the TOFA rules apply to calculate an assessable gain or deductible loss on the fund’s financial arrangements, include at S any assessable TOFA gains and any assessable TOFA transitional balancing adjustment amounts relating to financial arrangements which were in existence at the time the TOFA provisions commenced to apply.

    TOFA amounts that have been included elsewhere should not be included here. For example, amounts that have already been included at:

    C Gross interest

    D Net foreign income

    D1 Gross foreign income

    I Gross distribution from partnerships

    J Unfranked dividend amount

    N Trust distributions unfranked amount

    Q Trust distributions other amounts

    G Foreign exchange gains.

    If what you show at S includes an amount brought to account under the TOFA rules, also complete item 16 Taxation of financial arrangements (TOFA).

    See also:

    Guide to the taxation of financial arrangements (TOFA) rules

    Listed investment company (LIC) capital gain amount

    If a complying superannuation fund, ADF or PST received a distribution from a partnership or a share of net income from a trust, and that partnership or trust claimed a deduction for a LIC capital gain amount, then the superannuation fund, ADF or PST must add back one-third of its share of the deduction claimed by the partnership or trust and include the amount at S.

    If a non-complying superannuation fund or ADF received a distribution from a partnership or a share of net income from a trust, and that partnership or trust claimed a deduction in respect of a LIC capital gain amount, then the non-complying superannuation fund or ADF must add back its share of the deduction claimed by the partnership or trust and include the amount at S.

    Assessable balancing adjustment amounts

    If the superannuation entity ceases to hold or to use a depreciating asset, it will need to calculate a balancing adjustment amount to include at as assessable income or to claim as a deduction at L Other deductions item 11. See the Guide to depreciating assets 2013 for more information.

    Rebate or refund of premium paid to provide death or disability benefits

    Show at S assessable rebates and refunds of premiums that a complying superannuation fund received and that are attributable to insurance policy premiums paid by the superannuation fund to provide:

    • superannuation death benefits
    • benefits payable because of the existence of a terminal medical condition
    • disability superannuation benefits
    • benefits payable because of a person's temporary inability to engage in gainful employment.

    These premium rebates and refunds are assessable income of the superannuation fund where the premium payment was either allowed or is allowable, in whole or in part, as a deduction. If the premium payment was either allowed or allowable in part as a deduction, then only the part of the rebate or refund attributable to the amount deducted is included in the fund's assessable income.

    Gross payments subject to foreign resident withholding in Australia

    Show at S gross payments made to the fund that were prescribed payments for foreign resident withholding purposes.

    Gross payments include amounts of tax withheld. Do not include at gross distributions of such payments that were distributed to the fund from partnerships and trusts. Instead, include the distributions from partnerships at I Gross distribution from partnerships and include the share of net income from trusts at Q Trust distributions other amounts.

    You only include income at S if the fund is a foreign resident.

    Certain payments are prescribed in the Taxation Administration Regulations 1976 (see regulations 44A to 44C) as being subject to the foreign resident withholding measure.

    Do not include payments at S if the amount was varied to nil under the foreign resident withholding measure because the income was not taxable under a double-tax agreement.

    Complete and attach a Non-individual PAYG payment summary schedule 2013. For instructions on completing this schedule, see Schedules.

    If you show a credit for tax withheld at H2 Credit for tax withheld – foreign resident withholding item 12 you must show the corresponding gross payment at S Other income (unless it is already included at I Gross distribution from partnerships or Q Trust distributions other amounts).

    A payment may be required to be shown at S even if the credit is nil.

    Gross distributions from a partnership or a share of net income from a trust of payments prescribed for foreign resident withholding purposes do not have an associated payment summary.

    Print in the Code box the code from table 5 that best describes the greatest amount included at S Other income.

    Table 5: Other income codes

    Code

    Type

    T

    Assessable TOFA gains or assessable TOFA transitional balancing adjustment

    C

    LIC capital gain amount

    B

    Assessable balancing adjustment amount

    R

    Rebate or refund of premium paid to provide death or disability benefits

    W

    Gross payments subject to foreign resident withholding

    O

    Other income received not listed above

    Last modified: 02 Jun 2014QC 35420