Annual tax calculation for super and pension

The Macquarie Superannuation Plan prepares a tax calculation annually, based on the notional tax liability of each member. This, in aggregation and subject to certain adjustments, represents the annual tax liability of the Fund. Both the Fund and notional member calculation include consideration of certain tax benefits such as franking credits and tax-deferred amounts attributable to member accounts. 

We perform this calculation annually, after the 30 June year-end. 

• If the notional annual tax liability of a member was less than the progressive payments made throughout the year, we credit a tax refund to the member’s Cash Account. 
• If the notional annual tax liability of a member was greater than the progressive payments made, we debit a tax charge against the member’s Cash Account.

Please note: if a member exits the fund before any adjustments are applied, they won’t receive the benefit of any franking credits, foreign income tax offsets, or any revenue/capital losses that have accrued. We’ll allocate these tax benefits on a proportional basis across all active accumulation accounts at the processing date.