Write at I the balance of tax payable or refundable as indicated on the tax return.
The amount at I does not take into account any interim or voluntary payments that the fund has made against its income tax liability for the 2007-08 income year. If the fund has made such payments, take these into account in calculating the final payment, but do not write the amounts on this tax return.
After the fund's tax return is processed and its tax liability is assessed, we will issue a notice of assessment. If an amount is payable, we will indicate a due date for payment and methods of payment.
We do not require a payment when the tax return is lodged. However, if you prefer to make payment at this time, please refer to How to pay.
Record keeping
Funds must keep all documentation issued by financial institutions detailing payments of income and any TFN amounts deducted from those payments.
They must also maintain details of any TFN amounts deducted from an income payment made to the funds and subsequently refunded by their financial institution. Funds must keep a record of the following details of refund receipts:
- the amount of refund received
- the date of refund, and
- the investment reference number - for example, bank account number of investment relating to refund.
Example 6: Completing income tax calculation
Example 6a: Refund position - non-complying superannuation fund
The example below, illustrates a straight forward calculation for a non-complying superannuation fund.
Example 6b: Payable position - complying superannuation fund
Foreign tax credits and rebates and tax offsets cannot be offset against the gross tax amount in so far that it will result in a negative amount at D. In the example below, the 'rebates, offsets, foreign credits' (C) exceed the 'gross tax payable' (B) by $400. This amount cannot be used to offset the final liability of $320 (I).