Calculation statement
AMOUNT DUE OR REFUNDABLE Step 1 Write the following amounts:
n if the amount at T Taxable income or loss item 7 is positive, write the amount at A Taxable income. Write zero at A if T item 7 is a loss
n the totals for the following labels (some of the labels have instructions to help you work out your totals; see the particular labels in these instructions):
– C Non‑refundable non‑carry forward tax offsets
– D Non‑refundable carry forward tax offsets
– E Refundable tax offsets
– F Franking deficit tax offset
– H7 Other credits
n from your records transfer the respective amounts to: – M R&D recoupment tax
– G Section 102AAM interest charge
– H1 Credit for interest on early payments – amount of interest
– H2 Credit for tax withheld – foreign resident withholding
– H3 Credit for tax withheld where ABN is not quoted
– H4 Tax withheld from interest or investments
– H5 Credit for TFN amounts withheld from payments from closely held trusts
– K PAYG instalments raised
n for Retirement savings accounts (RSA) providers only: – write at U in item 19 the amount of no-TFN
contributions income. If zero write 0
– write at X in item 19 the amount of tax payable on
no-TFN contributions income – if zero, write 0.
Step 2 Work out the amount at T1 by referring to Appendix 7 for the tax rates. If any tax is payable (a positive amount) on the amount at A, write sthis tax payable amount at T1.
Step 3 Work out the amount at B Gross Tax (refer to label instructions for more information) as follows: n add labels T1 and M
n for RSAs, add labels T1, M and the amount at label X
Income tax payable on no‑TFN contributions income
item 19
n write the result at B.
Step 4 Work out the amount at T2 Subtotal (refer to label instructions and examples for more information) as follows:
n if the amount at C is less than the amount at
B Gross tax:
– take C away from B
– write the result at T2
– go to step 5.
n if the amount at C is more than or equal to the amount at B:
– write zero at T2, T3 Subtotal 2, T4 Subtotal 3 and
T5 Tax Payable
– the amount at D and F may be carried forward to a later income year (subject to the tax offset carry forward rules in Division 65 of the ITAA 1997) – copy the amount at E to I Remainder of
refundable tax offsets
– go to step 8.
Step 5 Work out the amount at T3 (refer to label
instructions and examples for more information) as follows: n if the amount at D is less than the amount at T2:
– take D away from T2
– write the result at T3
– go to step 6.
n if the amount at D is more than or equal to the amount at T2:
– write zero at T3, T4 and T5
– the difference between T2 and D (take T2 away from D) may be carried forward to later income year
(subject to the tax offset carry forward rules in Division 65 of the ITAA 1997)
– the amount at F may be carried forward to a later income year
– copy the amount at E to I
– go to step 8.
Step 6 Work out the amount at T4 (refer to label instructions and examples for more information) as follows: n if the amount at E is less than the amount at T3:
– take E away from T3
– write the result at T4
– write zero at I
– go to step 7.
n if the amount at E is more than or equal to the amount at T3:
– take T3 away from E and write the result at I
– write zero at T4 and at T5
– the amount at F may be carried forward to a later
income year – go to step 8.
Step 7 Work out the amount at T5 (refer to label instructions and examples for more information) as follows: n if the amount at F is less than the amount at T4:
– take F away from T4
– write the result at T5
– go to step 8.
n if the amount at F is more than or equal to the amount at T4:
– write zero at T5
– the result of taking T4 away from F, may be carried forward to a later income year
– go to step 8.
Step 8 Work out the amount at H as follows:
n add from H1 to H7 and write the result at H n go to step 9.
Step 9 Work out the amount at S,Amount due or refundable as follows:
n add T5 and G, and then take away H, I and K n write the result at S
n if the amount at S is positive, that amount is payable by you.
n if the amount at S is negative, that amount is refundable to you.
Taxable income
If the company is a resident company, taxable income equals assessable income derived from all sources less
allowable deductions incurred in gaining that income. If the company is a non-resident company, taxable income equals assessable income derived from sources within Australia, plus income that is included on some basis other than having an Australian source, less allowable deductions incurred in gaining that income.
Taxable income takes into account any concessions or adjustments allowable for income tax purposes.
Write at A the amount of taxable income of $1 or more.
This is the amount written at T Taxable income or loss
item 7.
Print zero (0) at A if the company has no taxable income
or has a loss amount written at T Taxable income or loss item 7 with L in the box at the right of the amount.
Public trading trusts and corporate unit trusts show net income at A.
Tax on taxable income
Write at T1 the amount of tax payable before the allowance of any rebates, tax offsets, credits or FDT offsets. The tax rates applicable to companies are listed in appendix 7.
R&D recoupment tax
Show at label M the extra tax required on your recoupment as calculated under Subdivision 355-G of the ITAA 1997.
If you have claimed the R&D tax incentive at item 21
and you have received or become entitled to receive a government recoupment (such as a government grant or reimbursement) that relates to expenditure that you or a related entity have claimed a notional deduction for under the R&D tax incentive, the income tax you are liable to pay on the recoupment will be increased. This is referred to as a clawback adjustment.
The amount to be shown at label M is the extra income tax required on your recoupment.
The clawback adjustment is capped so that the extra tax payable cannot exceed the amount of the grant you received.
For further information about how this amount is calculated, go to ato.gov.au/randdtaxincentive and see Research and development tax incentive – clawback adjustment.
Gross tax
Write at B the total of amounts at T1 and M.
If you are an RSA provider, write at B the total of amounts at T1, M and any further tax on no-TFN contributions
recorded at item 19 label X. For more information on the further tax on no-TFN contributions, go to ato.gov.au and search for ‘No tax file number (TFN) contributions’. You can find an example of how to calculate the extra tax in the Fund income tax return instructions 2013.
Non-refundable non-carry forward tax offsets Write at C the total of actual rebates and tax offsets available (in dollars and cents) and not the amounts giving rise to those tax offsets.
The rebates and tax offsets shown at C are not refundable, nor are they carried forward. They are only offset against gross tax. Gross tax cannot be less than zero. If these tax offsets are greater than the gross tax, the excess tax offsets cannot be used and are lost.
Calculation statement
H1
Credit for interest on early payments – amount of interest
$
,
,
.
H5
Credit for TFN amounts withheld from payments from closely held trusts
$
,
,
.
,
,
H4
Tax withheld from interest or investments
$
.
,
,
H7
Other credits$
.
Eligible credits (AddH1, H2,H3,H4, H5 and H7)H
$
,
,
,
.
H2
Credit for tax withheld – foreign
resident withholding
$
,
,
.00
H3
Credit for tax withheld where
ABN is not quoted
$
,
,
.00
Please refer to the Company tax return
instructions 2013 on how to complete
the calculation statement.
.00
$
,
,
Taxable income
A
,
Franking deficit tax offset
F
$
,
,
,
.
R&D recoupment taxM$
,
,
,
.
Non-refundable carry forward tax offsets
D
$
,
,
,
.
Refundable tax offsets
E
$
,
,
,
.
Section 102AAM interest charge
G
$
,
,
,
.
Tax on taxable income
T1$
,
,
,
.
Non‑refundable non‑carry forward tax offsets
C
$
,
,
,
.
Gross tax
B
$
,
,
,
.
(T1 plus M)
Subtotal 1
T2$
,
,
,
.
(B less C – cannot be less than zero)
Subtotal 2
T3$
,
,
,
.
(T2 less D – cannot be less than zero)
Subtotal 3
T4$
,
,
,
.
(T3 less E – cannot be less than zero)
TAX PAYABLE
T5$
,
,
,
.
(T4 less F – cannot be less than zero)
AMOUNT DUE OR REFUNDABLE
A positive amount at S is what you owe,
while a negative amount is refundable to you.
S
$
,
,
,
.
(T5plus Gless HlessIless K)
PAYG instalments raised
K
$
,
,
,
.
Remainder of refundable tax offsets
I
$
,
,
,
.
TAX OFFSETS TO BE SHOWN AT C INCLUDE: