• T2 Subtotal

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Show at T2 the amount of tax payable after C Non-refundable non-carry forward tax offsets has been offset against B Gross tax.

    T2 cannot be less than zero.

    Work out the amount at T2 as follows:

    • if the amount at C is less than the amount at B (see example 6a)
      • take C away from B
      • write the result at T2
       
    • if the amount at C is more than or equal to the amount at B (see example 6b)
      • write 0 (zero) at T2 and T5
      • copy the amount at E to I Tax offset refunds (remainder of refundable tax offsets). I is mandatory. You must include an amount at I even if it is zero (if zero write 0).
       
    Example 6: Calculating T2 Subtotal

    Example 6a: Applying C Non-refundable non-carry forward tax offsets when B Gross tax is greater than offsets – a payable position

    Dark Blue Superannuation Fund has the following amounts entered into its fund income tax return:

    Taxable income

    A

    $10,000

    Gross tax

    B

    $1,500

    Non-refundable non-carry forward tax offsets

    C

    $500

    Subtotal

    T2

    $1,000

    Refundable tax offsets

    E

    $0

    Tax payable

    T5

    $1,000

    Tax offset refunds (remainder of refundable tax offsets)

    I

    $0

    Amount due or refundable

    S

    $1,000

    Dark Blue Superannuation Fund has an entitlement of $500 of non-refundable non-carry forward tax offsets to offset against $1,500 gross tax, resulting in $1,000 tax payable and the amount due.

    Example 6b: Applying C Non-refundable non-carry forward tax offsets when B Gross tax is less than offsets – a nil position

    Light Blue Superannuation Fund has the following amounts entered into its Fund income tax return:

    Taxable income

    A

    $20,000

    Gross tax

    B

    $3,000

    Non-refundable non-carry forward tax offsets

    C

    $4,000

    Subtotal

    T2

    $0

    Refundable tax offsets

    E

    $0

    Tax payable

    T5

    $0

    Tax offset refunds (remainder of refundable tax offsets)

    I

    $0

    Amount due or refundable

    S

    $0

    Light Blue Superannuation Fund has an entitlement of $4,000 of non-refundable non-carry forward tax offsets to offset against $3,000 gross tax resulting in $0 tax payable and no amount due. Light Blue Superannuation Fund loses $1,000 of the non-refundable non-carry forward tax offsets.

    Last modified: 21 Aug 2015QC 44343