Individual Tax Return

"Estimated total income" and "Estimated total"
Estimated total income is the gross income from all sources less certain deductions, such as expenses, allowances and reliefs. If you are married or in a ci...
Sat, 25 Mar, 2023 at 11:59 AM
Capital Gain Discount used
Make sure to use correct "Type", and system automatically calculating, depending on the "Purchase date" of the item.  You may a...
Wed, 28 Jun, 2023 at 7:11 AM
First Home Saver Scheme (FHSS)
Question: This client received First Home Saver Scheme amount during the year. The release approval was in 2022 and hence the amount should be shown in 2022...
Wed, 17 May, 2023 at 1:26 PM
Excess Concessional Contributions (Tax Offset)
The Excess Concessional Contributions are counted as personal assessable income taxed at the marginal tax rate. Learn more from the ATO LodgeiT has a wo...
Tue, 23 May, 2023 at 11:20 AM
How to Exempt the Current Year Capital Gain?
Question: For NAB shares, there is a capital gain of $2,129.27. For property sale, there is a capital gain of $19,418.10. Both amounts have been utilised. T...
Thu, 25 May, 2023 at 10:36 AM
Trust Account Authority Declaration on Individual Tax Returns (ITR)
This "Trust Account Consent Authority" inside the Individual Tax Returns, is a declaration to be completed if the tax payer requests the deduct fe...
Mon, 24 Jul, 2023 at 10:44 AM
Bonuses from life insurance companies and friendly societies
You need to include a bonus amount  this item if all the following conditions apply:  you received the bonus amount, or directed how it is to be dealt wit...
Fri, 15 Sep, 2023 at 10:30 AM
ITR: Small Business Skills and Training Boost / Small Business Technology Investment Boost
The ATO introduced two measures to support small businesses, the Small Business Technology Investment Boost and the Small Business Skills and Training Boost...
Tue, 1 Aug, 2023 at 12:28 PM
Superannuation Income Stream (Untaxed element)
Question: I have processed a clients income tax return including their superannation income stream. I took out the taxable field as it is non taxable as per...
Wed, 2 Aug, 2023 at 1:14 PM
Carry Forward Foreign Property Loss
Question: Where we could enter foreign property loss which need to be carry forward? Answer: Foreign property can be recorded at 20 Foreign rent.  Th...
Wed, 16 Aug, 2023 at 8:32 AM