Did the SMSF receive any income that is not included at another question in section B?
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No |
Leave S blank. Go to T. |
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Yes |
Read on. |
Write at S any assessable income of the SMSF that does not fall into any other category in section B. The amount at S should not be reduced by any loss or outgoing related to the income.
Write in the code box the letter from Table 5: Codes for other income (below) that best describes the greatest amount you include at S Other income.
Table 5 lists six categories of assessable income. There is a description of each category below the table.
If you include an amount at S that is exempt current pension income, include it also at Y Exempt current pension income.
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Code letter |
Type of income |
|---|---|
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B |
|
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C |
|
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F |
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R |
Rebate or refund of premium paid to provide death or disability benefits |
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T |
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W |
Gross payments subject to foreign resident withholdingExternal Link (excluding capital gains) |
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O |
Assessable balancing adjustment amount (B)
If the SMSF ceased to hold or to use a depreciating asset, you need to calculate a balancing adjustment amount which you include at either:
- S Other income (this question) if the balancing adjustment is assessable income or
- L1 Other amounts (deductions) or L2 Other amounts (non-deductible expenses), in section C.
For more information, see Guide to depreciating assets 2019.
Listed investment company (LIC) capital gain amount (C)
If the SMSF received:
- a distribution from a partnership, or
- a share of net income from a trust
and if that partnership or trust claimed a deduction for a LIC capital gain amount, you must include at S:
- one-third of its share of the deduction claimed by the partnership or trust, if the SMSF is a complying fund
- its entire share of the deduction claimed by the partnership or trust, if the SMSF is a non-complying fund.
Foreign exchange (forex) gain (F)
If the SMSF has any assessable foreign exchange gains that have not been shown at any other category of income, include the total of such gains at S.
For more information, see Foreign exchange gains and losses.
Rebate or refund of premium paid to provide death or disability benefits (R)
The SMSF, if it is a complying SMSF, has this type of income if it received a rebate on, or refund of, an insurance premium during 2018–19 where the original insurance premium:
- was to provide super benefits in the event of
- death
- a terminal medical condition
- disability or temporary inability to engage in gainful employment, and
- had been claimed as a deduction (at F1 Insurance premiums members in Section C) in a previous SMSF annual return.
You must include the amount of such income at S.
Legislation
Item 4 of the table in section 295-320 and section 295-465 of the Income Tax Assessment Act 1997
Taxation of financial arrangements (TOFA) amounts (T)
If the TOFA rules apply to calculate an assessable gain or deductible loss on the SMSF’s financial arrangements, include at S any assessable gains relating to financial arrangements. TOFA amounts that have been included elsewhere should not be included here.
Complete Section I: Taxation of financial arrangements if you include at S an amount determined under the TOFA rules.
For more information about whether the TOFA rules apply, see Section I: Taxation of financial arrangements (item 17).
Gross payments subject to foreign resident withholding (excluding capital gains) (W)
Gross payments subject to foreign resident withholding (excluding capital gains) refers to payments made to the SMSF where the payer withheld an amount from the payment because the SMSF is a foreign fund.
Only an SMSF that is a foreign fund should have a gross payment subject to foreign resident withholding in Australia.
The amount that you write at S must be the gross value. That means that the amount you write must include both the amount:
- paid to the SMSF, and
- that payers withheld from these payments.
These payers must provide you with a PAYG payment summary by 14 July following the end of the financial year. The PAYG payment summary has the information that you need to include at S.
If you write an amount at S for gross payments subject to foreign resident withholding in Australia, you must also complete and attach a Non-individual PAYG payment summary schedule. Keep the PAYG payment summary (or equivalent information) with your tax records.
The amount you write at S for gross payments subject to foreign resident withholding in Australia does not include:
- payments received by an Australian SMSF that was subject to foreign resident withholding in another country (include these at D1 Gross foreign income)
- payments subject to foreign resident withholding in Australia that were distributed to the SMSF from partnerships or included in a share of net income from trusts (include these at I Gross distribution from partnerships or M Gross trust distributions as appropriate)
- payments where the amount of foreign resident withholding in Australia was reduced to nil because the income was not taxable under a double tax agreement.
If you include a gross payment subject to foreign resident withholding in Australia at S, you can also claim a credit for tax withheld at H2 Credit for tax withheld – foreign resident withholding in section D.
For more information, see Division 18 of Schedule 1 of the Taxation Administration Act 1953.
Other types of income not listed above (O)
If the greatest amount that you include at S Other income is not one of the types of income listed above for codes B, C, F, R, T or W, then use code O for 'other'.
Continue to: T Assessable income due to changed tax status of fund