ato logo
Search Suggestion:

I Total amount due or refundable

Last updated 28 July 2020

Show 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 2008-09 income year. If the fund has made such payments, take these into account in calculating the final payment, but do not show the interim or voluntary payment amounts on this tax return.

We do not require a payment when the tax return is lodged. However, if you prefer to make payment at this time, see 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 for the refund:

  • amount of refund received
  • date of refund, and
  • investment reference number - for example, bank account number of investment relating to refund.

Example 9: Completing income tax calculation

Start of example

Example 9a: Refund position - non-complying superannuation fund

The example below, illustrates a straight forward calculation for a non-complying superannuation fund.

Example 9a: Refund position - non-complying superannuation fund 12 Income tax calculation statement Label A Taxable income: $14,000 Label B Gross tax: $6,300 Label C1 Credit foreign income tax offsets: $1,500 Label C2 Credit: rebates and tax offsets: $1,500 Label C Rebates and offsets (C1 plus C2): $3,000 Label D Subtotal (B less C): $3,300 Label E Section 102AAM interest charge: $50 Label F1 Credit interest on early payments: $10 Label F2 Credit: foreign resident withholding: $90 Label F3 Credit: ABN/TFN not quoted (non-individual): $50 Label F4 Credit: refundable franking credits: nil Label F5 Credit: no TFN tax offset: $189 Label F6 Credit: interest on no-TFN tax offset: $10 Label F7 Credit: refundable national rental affordability scheme tax offset: $60 Label F Eligible credits (F1 + F2 + F3 + F4 + F5 + F6 + F7): $409 Label G PAYG instalments raised: $4,000 Label I Total amount due or refundable (D + E less F less G): $7,059

End of example

 

Start of example

Example 9b: Payable position - complying superannuation fund

Rebates and 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 'rebate and, offsets' (C) exceed the 'gross tax payable' (B) by $400. This amount cannot be used to offset the final liability of $61 (I).

Example 9b: Payable position - complying superannuation fund 12 Income tax calculation statement Label A Taxable income: $14,000 Label B Gross tax: $2,100 Label C1 Credit foreign income tax offsets: $1,000 Label C2 Credit: rebates and tax offsets: $1,500 Label C Rebates and offsets (C1 plus C2): $2,500 Label D Subtotal (B less C): nil Label E Section 102AAM interest charge: $1,000 Label F1 Credit interest on early payments: $20 Label F2 Credit: foreign resident withholding: $10 Label F3 Credit: ABN/TFN not quoted (non-individual): $100 Label F4 Credit: refundable franking credits: $50 Label F5 Credit: no TFN tax offset: $189 Label F6 Credit: interest on no-TFN tax offset: $10 Label F7 Credit: refundable national rental affordability scheme tax offset: $60 Label F Eligible credits (F1 + F2 + F3 + F4 + F5 + F6 + F7): $439 Label G PAYG instalments raised: $500 Label I Total amount due or refundable (D + E less F less G): $67

End of example

QC21714