To meet the ATO requirement to dissect income and deductions that make up this label, Tax provides a mandatory worksheet at this item to collect data entered at relevant labels in the return and other worksheets that integrate to those labels. Press [Enter] to open the worksheet. To indicate a zero amount at label X click the checkbox. The worksheet specifies each label from which an amount may be derived. To change a value at IT5 you will need to change a value at a label or relevant worksheet as listed on the IT5 worksheet. Refer to IT5 Financial investment income and deductions (fil). If the result of the worksheet is a loss, then that amount will be integrated to label X, otherwise label X will be blank. The value at this field is used in the determination of the individual's eligibility for offsets and liability for the Medicare levy surcharge. It is used in the following income tests: Dependency offsets (T4, T6) Senior and Pensioner Tax Offset (SAPTO) (T1) Medicare Levy Surcharge Deductions for superannuation contributions Superannuation Contributions Tax Offset Superannuation Co-contributions Higher Education Loan Program Repayments Trade Support Loan Financial Supplement scheme repayments Child Support obligations
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| Items IT1 to IT8 must have a value, even if zero. MYOB Tax will check IT5 and IT6 where income entered at various labels in the return have pre-filled the worksheets. For other items if there is no amount to be disclosed at these items, you must tick the checkbox for MYOB Tax to default a zero at those fields. [F3] validation message V2721 will be generated if this has not been done. The checkbox is automatically selected for this item. |
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