Show at T1 the amount of tax payable before the allowance of any rebates, tax offsets, and credits. T1 is the amount at A multiplied by the applicable tax rate. The tax rates applicable are listed in Appendix 3: Tax rates.
The compliance status of the fund affects the tax rates that apply. If the fund is a regulated superannuation fund, ADF or PST and you have not received a Notice of non-compliance from APRA, then the fund is a complying fund and the standard tax rate is 15%. If the fund is a non-complying fund the standard tax rate is 45%.
Different tax rates apply to the following types of income and you must ensure that you apply the correct tax rate to amounts shown at any of:
- U Net non-arm’s length income item 10
- T Assessable income due to changed tax status of fund item 10.
- If you have shown an amount at R3 No-TFN quoted contributions include in the calculation of the amount at T1 the tax calculated on taxable income at the standard rate (or the correct rate for net non-arm's length income or assessable income due to changed tax status of fund). The additional tax on No-TFN quoted contributions is shown at J.
Use examples 5 and 6 to help you calculate the tax on taxable income amount.