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  • T5 Tax payable

    T5 is mandatory. If you leave T5 blank, you will have specified a zero amount.

    Is the amount at T3 Subtotal more than the amount at E Refundable tax offsets?

    No

    Write 0 at T5.

    Take T3 Subtotal away from E Refundable tax offsets.

    Write the result at I Tax offset refunds.

    Yes

    Take E Refundable tax offsets away from T3 Subtotal.

    Write the result at T5.

     

    Example: Calculating T5 Tax payable (refundable tax offsets less than T3)

    SMSF T5 has no excess refundable tax offsets. It writes the following amounts in its SMSF annual return:

    Calculation of T5 Tax payable (refundable offsets less than T3)
    Calculation of T5 Tax payable (refundable offsets less than T3)

    Section D: Income tax calculation statement

    Amount used in calculation

    T3 Subtotal

    $1,500

    E Refundable tax offsets

    $500

    T5 Tax payable

    $1,000

    I Tax offset refunds

    $0

    SMSF T5 takes the $500 refundable tax offsets away from its T3 Subtotal of $1,500. The amount at T5 Tax payable is $1,000 (that is, $1,500 − $500).

    End of example

     

    Example: Calculating T5 Tax payable (refundable tax offsets greater than T3)

    SMSF T5 writes the following amounts in its SMSF annual return:

    Calculation of T5 Tax payable (refundable offsets greater than T3)
    Calculation of T5 Tax payable (refundable offsets greater than T3)

    Section D: Income tax calculation statement

    Amount used in calculation

    T3 Subtotal

    $1,500

    E Refundable tax offsets

    $2,000

    T5 Tax payable

    $0

    I Tax offset refunds

    $500

    SMSF T5 has more refundable tax offsets ($2,000) than tax (T3 Subtotal $1,500).

    SMSF T5 uses the refundable tax offsets of $2,000 to reduce the tax to $0, which it writes at T5 Tax payable.

    SMSF T5 writes the remaining refundable tax offset ($500) at I Tax offset refunds and this is available as a credit amount in the overall calculation.

    End of example
    Last modified: 03 Oct 2019QC 58668