Item 16 - Deductions relating to Australian investment income
See item 16: Deductions relating to Australian investment income on the ATO website.
If the TOFA rules apply to the partnership, include all deductions relating to Australian investment income from financial arrangements subject to the TOFA rules at label P.
Use the Deductions related to investment income worksheet (dai) to record the details of the transactions making up the total deductible expense at this item.
The dai worksheet also collects information required to complete the new financial investment label at item 50. Complete item 50 label G if you included an amount at label P relating to earning investment income or servicing debt.
Where integration in the depreciation worksheet (d) and the motor vehicle worksheet (mve) has been set to Deductions relating to Australian investment income, those amounts will integrate to special fields in the dai worksheet and to this item.
See Deductions relating to Australian investment income (dai).
Don't lodge a partnership tax return where you weren't in a partnership carrying on a business and the only income derived jointly (or in common) with another person during the income year was:
- rent from a jointly owned property
- interest from a jointly held account
- dividends from jointly held shares.
In these three instances, each person shows their share of the income and expenses at the appropriate items on their own tax return.
CCH References
16-660 Expenses in deriving investment income
16-665 Investment losses
16-742 Interest on borrowings to acquire investments
23-020 Taxation of financial arrangements (TOFA)