Individual Returns

Removal of sections

  • Work Related Expenses Schedule
  • T5 Medical Offsets

New 'Income details schedule'

  • The ATO have included rules that more granular data must be sent with the Individual tax return
  • This is similar to the Deductions schedule which was introduced in 2019

Schedules

  • International Dealings Schedule
  • Questions 37a,b & c (intangible assets) to be removed
  • Character increase for Q49a & G17 from 200 to 3,000

New Multi Property Rental Schedule

  • This is a new schedule from the ATO for individual tax returns.
  • It will not look any different to how you see it, it will be a back-end change.

Managed Fund

  • It's now possible to enter Managed Funds Income in a single panel rather than having to navigate around the tax form. Learn more.

Trust Tax Returns

New fields on cover tab

  • Country by country reporting entity
  • Is the trust a managed investment trust (MIT)?

New "Type of Trust' code

  • E- Testamentary Trust

New section 32 "Non-concessional MIT Income (NCMI)

  • 14 new labels at Item 32
  • Business, Trust, Partnership & Capital Gains
  • Primary and Non Primary (Excluding Capital Gains)
  • Renumbering of subsequent fields.

New fields on distribution statement

  • New fields to reflect the new NCMI fields and 'Div 6AA Eligible income'.

Partnership Returns

New fields on cover tab

  • Country by country reporting entity
  • Is the trust a managed investment trust (MIT)?

New section 32 "Non-concessional MIT Income (NCMI)

  • 12 new labels at Item 32
  • Business, Trust, Partnership¬†
  • Primary and Non Primary¬†
  • Renumbering of subsequent fields.

New fields on profit/(loss) share statement

  • New fields to reflect the new NCMI fields

Company Returns

New field

  • Country by country reporting entity
  • The option is either leave it blank or enter 'Yes

Self Managed Super Fund Returns

Removal of label

  • Removed Item 12 G1 'Death benefit increase' filed from Deductions tab

New label

  • New label on the Financial Information tab : Label 15b - Limited Recourse Borrowing Account Property Count
  • This can be numbered between 1 and 999