E2 No-TFN tax offset

Show at E2 the no-TFN tax offset claimed.

A fund is entitled to a refundable no-TFN tax offset for 2015–16 if:

  • tax was payable by the fund on an amount of no-TFN-quoted contributions in one of the most recent three income years ending before 2015–16 and
  • the no-TFN-quoted contributions were made to the fund to provide superannuation benefits for an individual who has quoted (for superannuation purposes) their TFN to the fund for the first time in 2015–16.

The no-TFN tax offset is the total amount of the additional tax payable on amounts of no-TFN-quoted contributions for which both of the above conditions have been met.

Example 7: Superannuation fund showing a credit at E2 No-TFN tax offset

The Margarita Superannuation Fund is a complying fund. The fund reported $10,000 no-TFN-quoted contributions in its 2014-15 tax return and paid additional tax (at 34%) of $3,400 on those no-TFN-quoted contributions.

The no-TFN-quoted contribution income included $2,000 of assessable contributions made by Julie, as she had not provided her TFN to the fund by 30 June 2015. For the no-TFN-quoted contributions attributed to Julie, the fund paid additional tax of $680. Julie provided her TFN to the fund on 30 September 2015.

In its 2015–16 tax return, the fund is entitled to claim a no-TFN tax offset for the additional tax of $680 paid on the $2,000 no-TFN-quoted contributions reported in the fund’s 2014–15 tax return. The $680 is included at E2 item 12.

    Last modified: 15 Jul 2016QC 48112