For income type:

A - Lump sum payments in arrears not shown at item 7

Lump sum payments in arrears tax offset: These payments relate to an earlier income year or years and should normally be shown at E on your PAYG payment summary - individual non-business or at box E on your PAYG payment summary -foreign employment. The taxpayer may be entitled to a tax offset if he or she received a superannuation income stream lump sum in arrears. Tax does not currently support the calculation of this offset. The ATO will calculate this offset on assessment and for that to occur, you must attach an Other Attachments schedule to the return containing the amount of the payment in arrears for each income year involved.

If you have received a PAYG payment summary - foreign employment showing an amount at Lump sum E on which foreign tax has been paid you will also need to include the amount at label U item 20. You will not be taxed twice on this amount. If you have calculated the income in arrears rebate amount and would like to see it included in the Tax Estimate, a special field is provided in the Return Properties > Estimate tab > Income in Arrears to enter the amount of the rebate.

• E - Assessable balancing adjustment when you stop holding a depreciating asset (for example, because of its disposal, loss or destruction) for which you have claimed a deduction for depreciation or decline in value in previous years. Your car is a depreciating asset.

Code E is repeated. If you use the Depreciation worksheet (d), any relevant amount will be automatically calculated on disposal of the asset and any assessable balancing adjustment included at this item. The deductible balancing adjustment will be integrated to D15 - Other deductions. This amount will be shown on the field that is closed to data entry on the line labelled E - Assess bal. adj. from dep. w/s.

MYOB Tax (and the ATO) need the eligible Taxable professional income (PFI) to calculate any averaging offset. The Estimate Tab in the Return properties for the client store and control the 4 years of PFI from year-to-year. See Div 405 Averaging for further information.

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.

When you enter the Eligible income amount at label Z, the dissection dialog is opened and the amount you entered has defaulted to the Other income field.

To assist with the correct calculation of the income for averaging, you need to dissect that amount. 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.

Eligible income from the previous 4 years is stored and managed in the Return properties > Estimate tab. The 5th year's PFI is calculated from the current year amounts entered in the return.

If it is not to the taxpayer's advantage to average this year, then tick the checkbox ‘Averaging NOT required this year for Eligible professional income’.

See First home super saver scheme

If you requested a release of an amount under the FHSS scheme during 2018–19, you must include in your 2019 tax return:

• any such FHSS amount
• the tax withheld amount.

You'll have received a payment summary from the ATO showing the assessable FHSS amount and the tax withheld.

If you requested the release of an FHSS amount during 2018–19, even if you did not receive the amount until after 30 June 2019, you must still include it in your 2019 tax return.

If you use ATO-pre-fill then the amounts will be pre-populated. See Pre-fill Manager.

CCH References

13-790 First home savers superannuation scheme