Tax – SMSF - Technical overview

Item	Field	Where can I find this?	What is it?	Example
1	Rental Income	Calculated from asset register	Proparty assets * expected yield	0
2	Investment Income	Calculated from assets register	Investment assets * income yield	0
3	Franking Credits	Calculated from assets register	SUM OF: Investment income * (1 – Company tax rate) * Franking credit percentage.	0
4	Sub Total A	Calculated	SUM OF ITEMS 1-3	120000
5	CGT Assessable Income	Calculated from CGT register	The net assessable CGT income (Note: Capital gains can be distributed directly to beneficiaries. See CGT register)	0
6	Sub Total B	Calculated	ITEM 4 + ITEM 5	120000
7	Deductible Interest	Calculated	Calculated from debts	0
8	Other deductible expense items	Calculated	See expense register	0
9	Sub Total C	Calculated	ITEM 4 + ITEM 6	0
10	Taxable Income	Calculated	Item 6 – Item 9	120000
11	Existing tax losses	See fact find	Existing tax losses can’t be distributed, thus are carried forward to future years.	0
12	Initial taxable income	Calculated	Item 13 – Item 14	0
13	Final taxable income	Calculated	If initial taxable income is less than zero, than taxable income is reset to zero and tax losses are carried forward.	0
14	Tax payable	Calculated	Taxable income * superannuation tax rate (e.g. 15% for superannuation & 0% for pension accounts).	18000

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