Individual Tax Return

NRAS (Share of National Rental Affordability Scheme Tax Offset)
The National Rental Affordability Scheme (NRAS) provides a tax offset to encourage investment in affordable rental housing.  Activate "Partnership&qu...
Mon, 25 Nov, 2024 at 10:13 AM
WHM and LITO (Low Income Tax offset)
Select as "NO" in the Australian Resident line, so that LITO will not be reflected in the tax form. New full offset amount of LITO (thresholds ...
Mon, 25 Nov, 2024 at 9:25 AM
Special Professional Income
This includes authors of literary, dramatic, musical, or artistic works, inventors, performing artists, production associates, or active sportspersons. Spec...
Mon, 25 Nov, 2024 at 12:59 PM
Interest on loans for shared owner
Question: Rental property interest portion is not flowing through to all respective shares in the rental property section of the tax return Answer: Via &q...
Wed, 11 Dec, 2024 at 9:58 AM
Dividend difference (Taxable and Accounting Facts)
Question: Can you explain the difference of this  "Dividends"  Answer: If there is an import of  financials, it will show in item " Dividend...
Tue, 19 Nov, 2024 at 1:45 PM
Adjusted Taxable Income (ATI) and Net Rental Property Loss calculation
Question: I noticed the ATI didn't take off the rental loss Gross Wage $104657+ interest $251 less Deduction: $2586 =$102,322 ATI The software did...
Tue, 19 Nov, 2024 at 1:48 PM
How Lumpsum tax offset calculated?
Question:  1. Can you please explain how the lump sum tax offset calculated? 2. Why has it not allowed the full amount?  I believe that the client is in t...
Mon, 25 Nov, 2024 at 11:55 AM
Income Average for a Sports Person
Activate "Other Income" via Manage sections,  Learn more from this guide - Income Averaging in Individual Tax Return (ITR) - Non Primary, an...
Tue, 19 Nov, 2024 at 1:39 PM
CMN.ATO.IITR.000263 / CMN.ATO.IITR.302101
Error:  Solution: Item W should be set to YES if an amount is entered at item B.
Tue, 19 Nov, 2024 at 1:33 PM
Low Family Income / Repayment Threshold for HECS
Question: Client has earnt above higher education loan repayments threshold however LodgeIT is not picking up the reportable fringe benefits amount so there...
Mon, 25 Nov, 2024 at 12:00 PM