T1 Tax on taxable income
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Show at T1 the amount of tax payable before the allowance of any rebates, tax offsets, and credits. T1 reflects the amount at A multiplied by the applicable tax rate or tax rates. The tax rates potentially applicable are listed in Appendix 3: Tax rates.
T1 is mandatory. You must include an amount at T1 even if it is zero (if zero write 0).
The compliance status of the fund affects the tax rates that apply. If the fund is a regulated superannuation fund, ADF or PST and has not received a Notice of non-compliance from APRA, 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:
- U Net non-arm’s length income item 10 (the tax rate is 45% even for a complying fund)
- T Assessable income due to changed tax status of fund item 10 (tax rate may be either 15% or 45% depending on the circumstances)
If you have shown an amount (other than zero) at R3 No-TFN-quoted contributions then include in the calculation of the amount at T1 the tax calculated on the amount at R3 at the standard rate of tax applicable to the fund (that is, 15% for a complying fund or 45% for a non-complying fund). Show at J the additional tax calculated (that is, at the rate of 31.5% for a complying fund or 1.5% for a non-complying fund) on the R3 amount.
Use examples 5 and 6 to help you calculate the tax on taxable income amount.
Last modified: 05 Nov 2014QC 40267