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T5 Tax payable

Information on calculating T5 Tax payable.

Last updated 5 August 2024

T5 is mandatory. If you leave T5 blank, you will have specified a zero amount.

Is the amount at T3 Subtotal more than the amount at E Refundable tax offsets?

No

Write 0 (zero) at T5.

Take T3 Subtotal away from E Refundable tax offsets.

Write the result at I Tax offset refunds.

Yes

  • Take E Refundable tax offsets away from T3 Subtotal.
  • Write the result at T5.

 

Example: Calculating T5 Tax payable (refundable tax offsets less than T3)

SMSF T5 has no excess refundable tax offsets. It writes the following amounts in its SMSF annual return:

Calculation of T5 Tax payable (refundable offsets less than T3)
Calculation of T5 Tax payable (refundable offsets less than T3)

Section D: Income tax calculation statement

Amount used in calculation
$

T3 Subtotal

1,500

E Refundable tax offsets

500

T5 Tax payable

1,000

I Tax offset refunds

0

SMSF T5 takes the $500 refundable tax offsets away from its T3 Subtotal of $1,500. The amount at T5 Tax payable is $1,000 (that is, $1,500 − $500).

End of example

 

Example: Calculating T5 Tax payable (refundable tax offsets greater than T3)

SMSF T5 writes the following amounts in its SMSF annual return:

Calculation of T5 Tax payable (refundable offsets greater than T3)
Calculation of T5 Tax payable (refundable offsets greater than T3)

Section D: Income tax calculation statement

Amount used in calculation
$

T3 Subtotal

1,500

E Refundable tax offsets

2,000

T5 Tax payable

0

I Tax offset refunds

500

SMSF T5 has more refundable tax offsets ($2,000) than tax (T3 Subtotal $1,500).

SMSF T5 uses the refundable tax offsets of $2,000 to reduce the tax to $0, which it writes at T5 Tax payable.

SMSF T5 writes the remaining refundable tax offset ($500) at I Tax offset refunds and this is available as a credit amount in the overall calculation.

End of example

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