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Item 19 - Retirement savings accounts (RSAs) providers only

RSA providers only are to complete labels U, X, V.

RSA providers other than life insurance companies work out the RSA component of their taxable income and apply the applicable tax rate to that component.

Click label U and V to open generic worksheets at these labels for record keeping and dissection. Refer to Generic Schedule / Worksheet.

Label U - No-TFN contributions income

Show at label U the no-TFN contributions income of the RSA provider.

Label X - Income tax payable on No-TFN credits

Show at label X the amount of further income tax payable on no-TFN contributions income shown at label U above.

Income tax calculated, at label X Income tax payable on No-TFN credits amount will be included in the calculation of label B Gross Tax.

Information and an example of the calculation formula used by MYOB Tax to calculate income tax on no-TFN contributions, is available on the ATO website at No tax file number (TFN) contributions.

Label V - Net taxable income from RSAs

Show at label V the RSA component of the taxable income of the RSA provider that is not a life insurance company, or the amount to be included in the complying superannuation/FHSA class of the taxable income of a life insurance company that is referable to RSAs provided by the company.

For information on the tax rate, refer to Appendix 7 of the Company tax return instructions.

CCH References

3-515 Complying superannuation asset pools

3-530 Tax treatment of RSA business

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