You are viewing an old version of this page. View the current version.
Compare with Current View Page History
Version 1 Next »
https://help.myob.com/wiki/x/fJqyAQ
How satisfied are you with our online help?*
Just these help pages, not phone support or the product itself
Why did you give this rating?
Anything else you want to tell us about the help?
Supplementary Income
Click this link for information on the ATO website about Income that you should show on the supplementary section.
The Supplementary income items on the Income tab are:
Item 13-Partnerships and Trusts
Item 14-Personal Services Income
Item 15-Net income or loss from business
Item 16 Label F-Your share of deferred losses from partnership activities
Item 16 Label G-Deferred Non-commercial business losses for sole traders
Item 17- Net Farm management deposits and repayments
Item 20-Foreign source income and foreign assets or property
Item 21-Income from rental properties
Item 22-Bonuses from Life Insurance Companies and Friendly Societies
Item 23-Forestry managed investment scheme income
Back to Income
Item 13-Partnerships and Trusts
Click this link to open the Item 13-Partnerships and Trusts on the ATO website.
Use the Tax worksheets for Distributions from Partnerships worksheet (dip) and Distributions received from Trusts worksheet (dit) which each cater for multiple entries of distributions. The worksheet for Trusts and Managed Investment Trusts also allows the Share of Capital Gains and Foreign income received from the MIF to be entered saving the preparer opening various items to which those income types relate.
For the two new labels 13D and 13E new tax worksheets Share of partnership small business income (sbp) and Share of trust small business income (sbt) have been provided.
Refer to the specific help on the Distributions from Partnerships worksheet (dip) and the Distributions from Trusts worksheet (dit) for the new fields that have been added this year to collect any share of:
-
Early stage venture capital limited partnership tax offset (ESVCLP)
-
Early stage investor tax offset (ESIC)
-
Credit for foreign resident capital gains withholding amounts CRFRWCG.
CCH References
5-000 A partnership for income tax purposes
5-130 Income and deductions of partner
6-130 Distributions of trust income
6-105 Discretionary trusts
6-110 Beneficiary presently entitled and NOT under legal disability
6-266 Family trusts
16-310 Deductible motor vehicle expenses
20-600 National Rental Affordability Scheme
20-605 NRAS refundable tax offset
Item 14-Personal Services Income
Refer to Item 14-Personal Services Income on the ATO website.
This item is to be completed by Sole Traders who are running a Personal services business.
If you work for such a company and receive Personal services income as an employee, then you should enter that income at item 9.
You cannot enter information directly at labels G, H, J and A. Press [Enter] at these labels to open the Payment Summary schedule (PS). Both the income amounts and any tax withheld amounts will be integrated to the relevant labels in the return - labels M, N and O at item P1 and labels G, H, J and A at item 14.
The labels at this item are:
Back to Supplementary Income
Label G-Tax withheld, voluntary agreement (PSI)
Did the taxpayer receive personal services income from which tax was withheld under a voluntary agreement?
If the answer to the above question is ‘yes’, press [Enter] to open the Payment Summary schedule (PS) and enter the relevant details. You MUST also answer the questions at item P1 - Personal services income. If you use the Profession, Trade or Business Income and deductions worksheet (Schedule B) to record business income and expenses, then the amounts that have been entered in the Payment Summary schedule (PS) must be entered again in the Schedule B. Additionally, you must select in that worksheet whether all or some of the income relates to personal services income.
Label G - Tax withheld-voluntary agreement
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is P and the payment type is V.
Click this link for information on Personal services income on the ATO website.
Related Topics
PAYG Instalment Income Estimate Worksheet (xPI)
Personal Services Business Qualification
Back to Item 14-Personal Services Income
CCH References
26-100 PAYG withholding: introduction
26-120 Payments from which amounts must be withheld
26-150 Payments for work or services
26-220 Payments for a supply
30-600 Summary of PSI regime
Label H-Tax withheld where ABN not quoted (PSI)
Did the taxpayer receive personal services income from which tax was withheld where no ABN was quoted?
If the answer to the above question is ‘yes’, press [Enter] to open the Payment Summary schedule (PS) and enter the relevant details. You MUST also answer the question at item P1 Personal services income.
Label H-Tax withheld where Australian business number not quoted
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is P and the payment type is N.
Click this link for information on Personal services income on the ATO website.
Related Topics
PAYG Instalment Income Estimate Worksheet (xPI)
Personal Services Business Qualification
Back to Item 14-Personal Services Income
CCH References
26-100 PAYG withholding: introduction
26-120 Payments from which amounts must be withheld
26-150 Payments for work or services
26-220 Payments for a supply
30-600 Summary of PSI regime
Label J-Tax withheld-labour hire or other specified payments (PSI)
Did the taxpayer receive personal services income from which tax was withheld where no ABN was quoted?
If the answer to the above question is ‘yes’, press [Enter] to open the Payment Summary schedule (PS) and enter the relevant details. You MUST also answer the questions at item P1 Personal service income.
Label J - Tax withheld-Labour hire or other specified payments
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is P and the payment type is S.
Click this link for information on Personal services income on the ATO website.
Related Topics
Personal Services Business Qualification
Back to Item 14-Personal Services Income
CCH References
26-100 PAYG withholding: introduction
26-120 Payments from which amounts must be withheld
26-150 Payments for work or services
26-220 Payments for a supply
30-600 Summary of PSI regime
Item 15-Net income or loss from business
Refer to Item 15-Net income or loss from business on the ATO website.
You cannot enter values at labels B, C, A, D, W, E or F.
Label B-Net primary production income/loss
This amount defaults from label Y at item P8.
Label C-Net non-primary production income/loss
This amount defaults from label Z at item P8.
Is the taxpayer a Small Business Entity?
This question must be answered and eligibility re-affirmed each year to be eligible for the Net small business income tax offset (SBTO), and to use the simplified depreciation rules.
Press [Enter] at this question to open the Small Business Entity worksheet (sbe). The answer to both eligibility questions in the worksheet must be Y.
Press [Alt+S] at question two to open the Small business entity aggregated turnover worksheet (sat). You may also access the sbe worksheet from the depreciation worksheet (d) and if you have done so the eligibility question will already be answered.
Aggregated turnover for small business has been increased from $2 million to $10 million and for the SBITO $5 million with an increase in the percentage applied to SBI up from 5% to 8% capped at $1,000.
Label A-Net small business income
If you have indicated that the taxpayer is a small business entity, values will be defaulted from B and C to the fields in the Small business income worksheet (for SBTO) (sbc). Any offset calculated will be included in the taxpayer’s [F4] Estimate.
Integration from the Payment Summary schedule
Press [Enter] at the labels D, W, E and F to open the Payment Summary schedule. Refer to Payment summary schedule (PS).
The Payment Summary schedule the entries are totalled and returned at the relevant labels in the return:
-
The income amounts integrate to item P8 labels C, A, E and N.
-
The Tax withheld amounts integrate to item 15 labels D, W, E and F at item 15.
Label D-Tax withheld - voluntary agreement
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is B and the payment type is V. The ATO will accept dollars and cents at label D.
Label W-Tax withheld where Australian Business Number not quoted
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is B and the payment type is N. The ATO will only accept whole dollar amounts at this label, so please do not enter cents at label W.
Label E-Tax withheld - foreign resident withholding (excluding capital gains)
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is B and the payment type is F. The ATO will only accept whole dollar amounts at this label, so please do not enter cents at label E.
Label F-Tax withheld - labour hire or other specified payments
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is B and the payment type is S.
If the taxpayer received income from carrying on a business as an artist, composer, inventor, performer, production associate, active sportsperson or writer, the net business income/loss is shown at label C of item 15 but the Taxable professional income (eligible income for averaging purposes) must be entered at item 24, label Z. For full details on calculating Professional eligible income, refer to Label Z-Taxable professional income .
Related Topics
Schedule C (primary production worksheet)
Schedule B (business income worksheet)
Back to Supplementary Income
CCH References
10-110 Business income
16-015 Expenses necessarily incurred in carrying on a business
22-000 Tax liability of non-residents
26-100 PAYG withholding: introduction
26-120 Payments from which amounts must be withheld
26-150 Payments for work or services
26-220 Payments for a supply
Item 16 Label F-Your share of deferred losses from partnership activities
Claiming a business loss
Click this link to Item 16 Deferred non-commercial business losses on the ATO website.
Refer to Guide to non-commercial losses on the ATO website.
Deferred Non-commercial losses need to be dissected into Primary Production and Non-Primary Production income types.
If you complete Item 16, you must complete Item P9.
Press [Enter] at label F to enter the amounts that will be integrated to this label (F) and to either or both label I (Primary Production deferred losses) and J (Non-Primary production losses). Refer to Deferred Non-commercial Business Losses worksheet.
Whether losses have to be deferred depends on an Income test which is applied before the 4 tests. If Income Test income exceeds $250,000 the losses must be deferred.
Back to Supplementary Income
CCH References
16-020 Limit on losses from non-commercial business activities
Item 16 Label G-Deferred Non-commercial business losses for sole traders
Claiming a business loss
Refer to Guide to non-commercial losses on the ATO website. Deferred Non-commercial losses need to be dissected into Primary Production and Non-Primary Production income types.
If you complete Item 16, you must complete Item P9.
Business vs Hobby Activities
If you are engaged in a hobby, you are not carrying on a business activity. Income you receive from a hobby is not assessable for income tax purposes and you can't claim expenses as tax deductions.
Label G-Deferred Non-Commercial Business Losses from Sole Trader Activities
Press [Enter] at label G to key amounts into the dissection box at this label. Primary Production losses integrate to label I and Non-Primary Production losses to label J. The sum of the PP and Non-PP losses integrates to label G.
Press [Enter] at label G to enter the amounts that will be integrated to this label and to either or both labels I (Primary Production deferred losses) and label J (Non-Primary production losses). Refer to Deferred losses from Sole Trader Activities Label G.
Label I-Primary Production Deferred Losses
This is a non-editable field and is the total of the PP deferred losses entered in the worksheets behind either or both 16F and 16G.
Label J-Non-Primary Production Deferred Losses
This is a non-editable field and is the total of the PP deferred losses entered in the worksheets behind either or both 16F and 16G.
Back to Supplementary Income
CCH References
16-020 Limit on losses from non-commercial business activities
Item 17- Net Farm management deposits and repayments
This item is for primary producers ONLY.
From 1 July 2016, the maximum amount that can be held by an individual primary producer in FMDs at any time is $800,000 (up from $400,000).
Refer to Item 17 - Net Farm management deposits and repayments on the ATO website A Farm management deposits and repayments schedule is provided at this label [Alt+S] to record details of FMD transactions. The amounts entered in the schedule integrate to item 17 in the main return. Refer to Farm Management Deposits and Repayments 2017 (fmd) .
Back to Supplementary Income
CCH References
18-290 Farm management deposits scheme
18-295 Making a deposit
18-310 Withdrawing a deposit
Refer to Item 18 - Capital gains on the ATO website.
Use the Capital gains worksheet ‘g’ to calculate the capital gain or loss on disposal of the asset. Enter the acquisition and disposal details and any other details concerning the asset transaction including a percentage to be shared with another person.
Where an ATO Capital Gains schedule (BW) is required to be completed and lodged, tick the Populate BW checkbox in the CGT Index and MYOB Tax will accumulate all the values and populate the BW schedule.
Using the ‘g’ worksheet will automatically calculate all Capital Gains and Losses and integrate values to the following labels in the return:
If the Tax Capital gains worksheet (g) is used, the Net capital gain will be calculated by the worksheet as the sum of all transactions, less prior year losses, discounts, exemptions and rollovers. Alternatively, if the amount is already known it can be keyed directly at the label.
Label H - Total current year capital gains
If the Tax Capital gains worksheet (g) is used this amount will be calculated as the sum of all transactions prior to applying capital losses, CGT discounts or the small business concessions, other than the 15 year exemption and exemption for part year residency on sale of a rental property.
Label V - Net capital losses carried forward to later income years
If the Tax Capital Gains worksheet (g) is used, this amount will be calculated as the sum of all current year unapplied capital losses from Collectables and Other assets, plus any unapplied prior year losses at the beginning of the year for both categories of assets. Although the ATO does not require a breakdown of Capital losses carried forward, Tax keeps those losses in their correct categories for roll over to the next year.
If the taxpayer is an Australian resident, capital gains or capital losses made from foreign sources must be included at this item and NOT at the foreign source income item 20.
Things to remember if not using the Tax Capital gains worksheet (g)
Label G-Did you make a capital gain or capital loss during the year?
If the answer is YES the relevant amounts for total capital gains and net capital gains must be entered and if the capital gain or capital loss exceeds $10,000, an ELS Capital Gains schedule must be completed and lodged with the return.
Use the Tax Capital gains worksheet (g) to calculate the gain or loss for each asset disposal or for distributions of capital gain from trusts. Prior year losses, reductions, exemptions, etc. will be calculated and the correct values returned at the relevant labels in the return.
From 1 July 2017, if you are a Norfolk Island resident, CGT may now apply to assets acquired after 23 October 2015. CGT remains payable on Australian mainland assets. For more information see Special capital gains tax rules for Norfolk Island residents on ato.gov.au.
If you are an investor who acquired newly issued shares in a qualifying early stage innovation company on or after 1 July 2016, any capital gains made on these shares from a CGT event that takes place in 2016-17 will be subject to ordinary CGT treatment. However, you must disregard any capital losses made on these shares from a CGT event that takes place in 2016-17.
Label M-Have you applied an exemption or rollover?
Answer the question Y if an exemption or rollover has been applied to any CGT event.
Label A-Code
From 1 July 2017, a new code has been introduced to deal with the gain or loss made from the Restructure of small business assets. This is Code T.
If more than one CGT event occurred and the Gain was rolled over or an exemption applied to it, then choose the code that reflects the largest of those transactions.
Label X-Credit for foreign resident capital gains withholding (FRCGW)
Under the FRCGW rules, foreign residents disposing of certain Australian assets may have an amount withheld from the sales proceeds they receive.
Similarly, Australian resident vendors could have amounts withheld from their sale proceeds if they:
-
dispose of Australian real property with a market value of $2 million or more, without providing the purchaser with an ATO-issued clearance certificate, or
-
dispose of an indirect Australian real property interest without providing the purchaser with a valid vendor declaration (resident).
If you have had amounts withheld from you during the year, you are entitled to claim a credit for those amounts paid to the Commissioner by the withholder. You claim that credit at label X.
If the taxpayer's share of any net capital gain received from a trust estate is included at this field, you need to consider the following:
-
If the net capital gain has been reduced by 50 per cent under either the CGT discount or the small business 50 per cent active asset reduction (but not both), you must 'gross up' the taxpayer's share by multiplying their share of the net capital gain amount by 2.
-
If the net capital gain has been reduced by 50 per cent under both the CGT discount and the small business 50 per cent active asset reduction, you must 'gross' it up by multiplying the taxpayer's share of the net capital gain amount by 4. (Refer to Subdivision 115-C ITAA of 1997.)
Any payments from the trustee out of the CGT discount amount and/or an active asset reduction amount are 'tax-deferred amounts'. If the trust estate is a unit trust or a fixed trust and the tax-deferred amount exceeds the cost base of the units or fixed interests in the trust, the taxpayer makes a capital gain equal to the excess.
Related Topics
Back to Supplementary Income
CCH References
11-000 Overview of the capital gains tax provisions
11-030 Net capital gain assessable
11-033 Discount capital gains
12-038 Application of the discount to particular taxpayers
11-040 Net capital losses
22-072 Capital gains withholding regime for foreign residents
Click this link to open the Item 19-Foreign entities on the ATO website.
Attributed foreign income
There are three questions at item 19 which are mandatory for every tax return prepared. For convenience, the answer is defaulted to No. Consider whether you need to change it to Yes.
Temporary residents do not need to show foreign investment income at this item.
Label I-Did you have either a direct or indirect interest in a controlled foreign company (CFC)?
The controlled foreign company (CFC) measures may apply to income and gains of foreign companies in which the taxpayer had a direct or indirect controlling interest, or which he/she effectively controlled.
If the taxpayer had, alone or with associates, direct or indirect controlling interests totalling 10% or more in a foreign company or have effective control of a foreign company, the question must be answered Yes.
If the answer to the CFC question, label I, is YES, an amount must be entered at label K.
Amounts entered at labels K or B, must also be included in the Foreign income worksheet (for) for the correct calculation of taxable income and any Foreign tax credit allowable to the taxpayer.
Label W-Did you, at any time, directly or indirectly transfer or cause the transfer of property (including money) or services to a non-resident trust?
If the answer to the label W question is 'Yes', then an amount must be entered at label B.
Label B-Transferor trust income
If the answer to the label W question is YES, an amount must be entered and you must complete an Other attachments schedule (att) and lodge it via ELS/PLS or, if lodging on paper, with the return. Include the taxpayer's name, address, TFN, the name of the non-resident trust and its trustee or trustees, and the amount of any attributable income in relation to the trust.
The transferor trust measures may apply if, at any time you directly or indirectly transferred or caused the transfer of property, including money, or services to a non-resident trust. A trust is a non-resident trust if no trustee of the trust estate was an Australian resident and, trust estate’s central management and control was not in Australia at any time during the income year. Refer to the Foreign Income return guide available on the ATO website.
Amounts entered at labels K or B, must also be included in the Foreign income worksheet (for) for the correct calculation of taxable income and any Foreign tax credit allowable to the taxpayer. MYOB Tax automates the transfer of these amounts to the foreign income worksheet (for) and advises that you open the FITO worksheet to check that the correct values have been passed.
Back to Supplementary Income
CCH References
21-190 Attribution of CFC income to attributable taxpayers
21-200 Attributable income of a CFC
21-290 Accruals taxation of non-resident trust income
21-310 Attributable taxpayers - non-resident trusts
Item 20-Foreign source income and foreign assets or property
Click this link for the information on Item 20 Foreign source income on the ATO website.
The help for this item includes:
-
Labels L and D-Foreign pension or annuity with and without an Undeducted Purchase Price
-
Label F-Australian franking credits from a New Zealand Company
Back to Supplementary Income
Label E - Assessable Foreign Income
INSERTIMAGE 
Assessable foreign pension/salary income: Is the gross income associated with amounts at labels T, L and D prior to any expenses incurred in earning that income and covers foreign salary or wages not subject to PAYG withholding and foreign pensions with or without an Undeducted Purchase price.
Assessable other foreign source income: Is the gross income associated with amounts at labels R, M and F prior to any expenses incurred in earning that income and covers foreign rental income, other foreign source income other than foreign salary or wages and foreign pensions or annuities, and Australian franking credits from a New Zealand company.
The sum of these two fields is integrated to label E Assessable foreign source income.
Back to Item 20-Foreign source income and foreign assets or property
Label T-Other net foreign employment income
Click this link for the information on Item 20 Foreign source income on the ATO website.
Foreign employment income is income you earned working overseas as an employee, other than foreign employment income shown on a PAYG payment summary - foreign employment. The PAYG payment summary - foreign employment income must be entered at item 1 Salary or wages. The Tax worksheet Overseas Pensions/Annuities and Salary Income worksheet (ove) is available at this label.
Exempt or Partially exempt salary and wages:
From 1 July 2017, if you are an Australian government agency employee (and not a member of a disciplined force), you must NOT include here income earned from delivering Australian official development assistance. You must enter this at Item 1. For more information, see item 1 of the Individual Tax Return instructions at ato.gov.au.
From 1 July 2016 Australian public service employees, who work overseas to provide Official Development Assistance (ODA), will no longer qualify for exemption from income tax under section 23AG of the Income Tax Assessment Act 1936 (ITAA 1936).
Members of Australian Defence Force (ADF), Australian Federal Police (AFP), State and Territory police forces delivering ODA will maintain their eligibility for the exemption.
The overseas salary or wages worksheet (ove) has been updated to contain a warning message in this regard.
Back to Item 20-Foreign source income and foreign assets or property
CCH References
10-860 Earnings from foreign service
10-865 Calculation of tax on other income
21-032 Temporary residents
21-670 Scope of FITO
Labels L and D-Foreign pension or annuity with and without an Undeducted Purchase Price
Most foreign pensions and annuities are taxable in Australia, even if tax was withheld from your payment by the country from which the payment came. Examples of foreign pensions and annuities that fall into this category are age and superannuation pensions paid from Austria, Germany, Italy, the Netherlands and the United Kingdom.
Click this link for the information on Item 20 Foreign source income on the ATO website.
If your foreign pension or annuity is taxable, enter each transaction together with any expenses incurred and any amount of foreign tax paid in the Tax worksheet Overseas Pensions/Annuities and Salary Income worksheet (ove).
All amounts will be totalled and integrated to the relevant label L or D. If the amount is a loss, then the amount will be preceded by a hyphen and a /L will be printed on the paper print out.
A foreign income tax offset will be calculated if applicable.
Back to Item 20-Foreign source income and foreign assets or property
CCH References
14-510 Taxation of non-superannuation annuities and foreign pensions
Click this link for the information on Item 20 Foreign source income on the ATO website.
Use the Tax Foreign Rental Property Schedule (ref) to calculate the Gross Assessable amount to be included at label E and to record income and expenses to arrive at net rental income/(loss) and to record any foreign tax paid. This worksheet may be accessed directly at label R. Refer to Foreign Rental Property Worksheet (ref).
Label M-Other net foreign source income
Use the Foreign income worksheet (for) to record Other foreign income transactions, including any Australian franking credits from a New Zealand company.
All foreign income, deductions and foreign tax paid must be translated to Australian dollars before completing this item. The Foreign Exchange rates to be used for the current income year are only updated for that year in the first Tax update issued following the general release as prior to that date they have not been published. The worksheet will calculate the amounts to be included at all relevant labels and any foreign tax credit entitlement. Where the result of foreign income less deductions is a loss, the loss will be integrated to the relevant label in the tax return.
Lump sum payments
For details click this link to open the Super lump sums from a foreign super fund and Super contributions - too much can mean extra tax on the ATO website.
Label F-Australian franking credits from a New Zealand Company
Use the foreign income worksheet Trans-Tasman Tab to record the details of all Australian franking credits from a New Zealand company that the taxpayer is entitled to, whether directly or by way of franked dividends (or franked non-share dividends) paid by the company, or indirectly through a trust or partnership.
Integration of the foreign income tax offset to label O
The total amount of allowable foreign income tax offsets claimable will be integrated from the 'for' worksheet to item 20 label O at the time of preparing the [F4] Estimate.
Related Topics
Label T-Other net foreign employment income
Label U-Net foreign employment income - payment summary
Back to Item 20-Foreign source income and foreign assets or property
CCH References
4-490 Trans-Tasman triangular imputation rules
14-420 Benefits from foreign superannuation funds
14-510 Annuities and foreign fund pensions
21-670 Scope of FITO rules
Label U-Net foreign employment income - payment summary
Click this link for the information on Item 20 Foreign source income on the ATO website.
The amount at label U is defaulted from entries at item 1 of foreign employment income with the Code F including any additional entries made in the Additional PAYG Summary worksheet (egc) plus any amount of a lump sum payment in arrears on which foreign income tax has been paid less any amount included at items D1 to D5 that have been keyed in the dialog behind this label.
There may be an entitlement to a foreign income tax offset for the difference between the foreign tax paid and the Australian tax payable on that income.
The holding dialog at label U provides a breakdown of the amount at the label.
INSERTIMAGE 
Label N-Exempt foreign employment income
Net Foreign Employment and Pension income amounts integrate from the Overseas Pension Income Worksheet (ove).
If you are using Exempt foreign income to absorb a current year loss, then enter the amount of that Exempt income required to absorb the loss as a deduction entry at either Fully Exempt or Partially Exempt foreign income and make a corresponding adjusting entry at Other Income, item 24 in the same amount. This will adjust the Exempt foreign income shown at label N and, together with the adjusting income entry at item 24, have the effect of reducing the taxable income.
Label O-Foreign income tax offset
When the foreign source income worksheet (for) is opened from label M or F then label O will be closed to data entry. Because of the complexity of the foreign tax credit calculation, integration to label O is only performed when you click [F4] to produce the Tax Estimate.
If you are not using the worksheets to record the detail behind foreign income and overseas pension income, and have entered amounts directly in the box ‘For calculation of estimate only’ then you should not enter an amount at label O even though it is available for data entry. When you click [F4] integration to Label O will be performed using the values entered for the calculation of the estimate.
You must rerun the estimate each time the amounts at this item are changed to refresh the value at label O.
[F4] function and Generic worksheets
It is possible to open a generic worksheet at label O. If a generic worksheet has been prepared at label O the [F4] function will not refresh the amount at label O. You must select Preparation > Delete Schedules and remove the entry called ‘foreign income tax offset field (E135)’ (which is the system generated name for the generic worksheet at label O).
Once the generic worksheet is removed, click [F4] and the estimate calculation will update the value at label O.
Related Topics
Item 1-Salary, Wages, Commissions, Bonuses etc
Item 24-Other Income-(Lump Sum Payments)
Back to Item 20-Foreign source income and foreign assets or property
CCH References
21-680 Entitlement to foreign income tax offset
Item 21-Income from rental properties
Click this link for the information on Item 21 Rent on the ATO website.
Complete the Rental schedule if the taxpayer owned an Australian property and earned rental income or held the property available for rent for all or part of the financial year.
Rental income and deductions amounts integrate to the labels at item 21 from the Rental Schedule (ren) which is lodged as the ATO Rental schedule (B). The schedule provides for private use to be deducted and for the net rental income/loss to be shared. For information on editing expenses where one owner expends more than another; on sharing rental income/loss and on applying any private use percentage, refer to Rental Property Worksheet (ren).
Depreciation expenses integrate to the rental schedule as do Capital building allowance amounts and motor vehicle expenses from the mve.
Multiple Rental Schedules may be attached to the return.
Do not include: Rental Income from foreign owned properties should be included at item 20, label R. To use the Foreign Rental Property Worksheet (ref) available at label R, click the label or click [Alt+S].
Where the property is used partly for private purposes, expenses must be apportioned accordingly.
Co-ownership
If the title deed shows that the taxpayer is a part owner of the property, only the taxpayer's share of the rent and expenses should be declared in the return and each co-owner must complete a rental schedule to be lodged with their income tax return.
Back to Supplementary Income
CCH References
10-500 Rents and premiums
16-650 Landlord's or lessor’s expenses
Item 22-Bonuses from Life Insurance Companies and Friendly Societies
Click this link for the information on Item 22 Bonuses and friendly societies on the ATO website.
Bonuses from Life Assurance Companies and Friendly Societies income amounts integrate from Bonus Offsets dialog. The details of the dialog are printed in the Tax Offsets and Medicare worksheet (reb). Enter the total amount of the bonuses and the system will calculate the offset to be included in the tax estimate.
Back to Supplementary Income
CCH References
10-240 Bonuses on insurance policies
Item 23-Forestry managed investment scheme income
Click this link for information and examples on Item 23 Forestry managed investment income on the ATO website.
Did the taxpayer receive income from a forestry managed investment scheme (FMIS)?
A forestry interest in a FMIS is a right to benefits produced by the scheme (whether the right is actual, prospective or contingent and whether it is enforceable or not).
Forestry managed investment scheme income will integrate from the FMIS worksheet (fms) at label A.
Back to Supplementary Income
CCH References
18-020 Registered agricultural managed investment schemes
18-125 Timber plantation concessions
Click this link for information on Item 24 Other income on the ATO website.
This item includes these labels:
Back to Supplementary Income
Label Y-Other income category 1
Other Income type: Select the appropriate code from the list.
Tax provides the Other income- Category 1 worksheet at label Y listing the applicable the types income. The worksheet has dissection grids behind each expense. Press [Alt+S] at the first open column (label Y amount ^CZD) to open the grid. Refer to Other income - Category 1 worksheet.
Back to Item 24-Other Income
CCH References
10-000 What is assessable income: overview
16-500 Election expenses
15-340 Income received in arrears
16-510 Local government election
Label V-Other income - Category 2
Click this link for information on Item 24 Other income on the ATO website.
Tax provides the Other income- Category 1 worksheet at label Vlisting the applicable types of income. The worksheet has dissection grids behind each expense. Press [Alt+S] at the first open column (label V amount ^CZF) to open the grid. Refer to Other income - Category 2 worksheet.
Back to Item 24-Other Income
CCH References
10-740 Other scholarships, grants, etc.
13-775 Excess concessional contributions tax
10-000 What is assessable income: overview
10-080 Employee share schemes
10-210 Accident and disability policies
10-440 Prizes and awards
15-340 Income received in arrears
Label Z-Taxable professional income
Click this link for information on Item 24 Other income on the ATO website.
In order that the ATO and MYOB Tax can calculate averaging for the year, the Taxable Professional Income (TPI) must be entered at label Z and you must complete the Averaging details in the Return properties > Estimate Tab for the taxpayer. For details of this tab refer to Div 405 Averaging .
The amount to be entered at Taxable professional income at label Z is calculated as the amount remaining after deducting from the assessable professional income the total of deductions that reasonably relate to this income.
Do NOT deduct from the amount at label Z any apportionable deductions - for example gifts to charity that have been shown at item D9 as both the ATO and Tax will perform that calculation during the preparation of the Assessment/Estimate of tax payable.
When you enter the Eligible income amount at label Z, the following dissection dialog is opened:
The amount you have entered defaults to the ‘Other income’ field. If the income is from Salary or Wages, then the relevant amount should be keyed in that field - likewise for the other types of income.
If averaging is not required this year, open Return Properties > Estimate > Division 4905 Averaging and tick the checkbox ‘Averaging NOT required this year for Eligible professional income’.
INSERTIMAGE 
Back to Item 24-Other Income
CCH References
2-142 Classes of special professionals
10-000 What is assessable income: overview
31-250 Averaging for authors, performers, inventors, sportspersons, etc
Yes
No
Thanks for your feedback.