• ### 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 (zero) 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