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H Gross payments where ABN not quoted

Did the SMSF receive payments from which the payer had withheld an amount because the SMSF had not provided its ABN?

Last updated 5 August 2024

No

Leave H blank. Go to I.

Yes

Read on.

Write at H the gross value of all payments made to the SMSF where payers withheld an amount because the SMSF had not provided its ABN. The amount at H should not be reduced by any loss or outgoing related to the income.

The amount that you write at H must be the gross value, that is, it must include both the amounts paid to the SMSF and the amounts that payers withheld.

The payers must give you a PAYG payment summary (or equivalent information) with their payment or as soon as practical after they make the payment. The PAYG payment summary:

  • includes the information that you need to complete at H
  • must be kept with your tax records. For more information see Record-keeping requirements.

You must also:

If you include an amount at H that is exempt current pension income, include it also at Y Exempt current pension income.

For more information, see:

  • PAYG withholding
  • Division 18 of Schedule 1 of the Taxation Administration Act 1953.

Example: PAYG withheld because ABN not quoted

In 2020–21, SMSF H received $5,100 from a company. That company also gave SMSF H a PAYG payment summary which stated that the company had withheld $4,900 tax from the payment.

SMSF H reports:

H Gross payments where ABN not quoted in section B $10,000

H3 Credit for tax withheld – where ABN or TFN not quoted (non-individual) in section D $4,900

End of example

Continue to: I Gross distribution from partnerships

QC64911