Individual Tax Return

Under 18 Excepted Net Income / Adjustments under 18 in Individual Tax Return (ITR)
Income of minors is subject to special rules and they may pay tax on certain types of income at a higher rate.  Learn more from the ATO -  Your income if ...
Wed, 2 Oct, 2024 at 7:57 AM
ANZSIC Code (P2-Business): "Aged or Disabled Carer"
The ANZSIC Code  of "Aged or Disabled Carer" code under "Description of main business or professional activity"  does not exist. Please ...
Wed, 13 Nov, 2024 at 1:32 PM
Partial "Expense" share amount for Rental Property
Illustration. A client who owned a property jointly with husband for a period and she owned 100% after divorce settlement, but for entire period she had on...
Thu, 14 Nov, 2024 at 1:08 PM
Capital Gain for Sold Property
Illustration. Allocating expenses 50% to both owners of the property. Activate "Capital Gain" via Manage section Select "Income", a...
Thu, 14 Nov, 2024 at 1:05 PM
CMN.ATO.IITR.311085
Error: Total CGT Discount applied amount is incorrect Please turn-off “Utilise losses manually”  Via "Income" > "Capital Gain", o...
Thu, 14 Nov, 2024 at 12:57 PM
T2 Australian superannuation income stream
Activate "Tax Offset" via Managed sections The amount in ‘T2 Australian superannuation income stream’ should include the sum of tax offset...
Wed, 13 Nov, 2024 at 12:53 PM
HECS (Worldwide income)
Make sure to toggle "Australian Resident" as "NO" For worldwide income,  fill the NRFI section. Foreign income section is for foreign...
Wed, 20 Nov, 2024 at 3:05 PM
Label Z
Error: Net non-primary production income or loss must be equal to label Z net income or loss from business. Solution: Please record it in one of the 3 bo...
Thu, 24 Oct, 2024 at 8:29 AM
18V: Unapplied Net Capital Losses Carried Forward
The sum of A and B is the same as 18V. For Capital Gains, LodgeiT uses design from Capital gains paper schedule. ATO form- https://iorder.com.au/publ...
Fri, 25 Oct, 2024 at 11:31 AM
Estimate: Income Averaging for Primary Production
Question: How do you indicate a business is subject to averaging (primary production/artist etc) ? Answer: The "Income Averaging - Primary Producer&qu...
Fri, 25 Oct, 2024 at 1:42 PM