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Tax on income

Taxed at a concessional rate of 15%, check if your fund is a 'complying fund' that follows the laws and rules for SMSFs.

Last updated 15 June 2015

The income of your SMSF is generally taxed at a concessional rate of 15%. To be entitled to this rate, your fund has to be a ‘complying fund’ that follows the laws and rules for SMSFs. For a non-complying fund the rate is the highest marginal tax rate.

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The most common types of assessable income for complying SMSFs are assessable contributions, net capital gains, interest, dividends and rent.

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Assessable contributions

Check certain contributions received by a complying SMSF are included in its assessable income and taxed at 15%.

Tax exemptions in the retirement phase

If a SMSF is paying retirement phase income streams, some or all of its income may exempt from tax.

Capital gains

Capital gains tax discount of one-third if the relevant asset was owned for more than 12 months for complying SMSFs.

Non-arm's length income

How non-arm's length income is taxed at the highest marginal rate.

Deductions

Complying SMSFs are entitled to deductions of any losses or outgoings to gain assessable income.

QC23341