General Tax Knowledge

Accounting and Tax Facts for Dividends
The way the forms work is that the accounting-related dividend facts are for reconciliation purposes. Tax-related dividend facts must be added separately. P...
Wed, 18 Oct, 2023 at 2:06 PM
Losses
Losses are transferred when new report for the next year is created. Also user can rollover anytime from previous year using Rollover button. Currently Cap...
Mon, 30 Jan, 2023 at 1:57 PM
Simpler Depreciation for Small Businesses
For small businesses (turnover < $10 million) we suggest using simpler depreciation methods. Essentially, you get to write-off all assets that are not fi...
Sat, 7 Aug, 2021 at 10:16 PM
Cash vs Accrual Reporting in Tax Forms
The method of "Cash Basis" is only applicable for QuickBooks and Xero financial import. Learn more The correct approach is using "Accrual&qu...
Wed, 3 Jul, 2024 at 7:37 AM
Flow-through of Dividends from Company via Trust to Human Beneficiary
Company has a profit of $100, pays tax of $27.5, then pays a full dividend of $72.50 that reduces retained earnings to zero  with franking credit of $27.5 b...
Tue, 1 Sep, 2020 at 10:42 AM
Flow-through of Dividends from Company via Trust to Company Beneficiary
Company has a profit of $100, pays tax of $27.5, then pays a full dividend of $72.50 that reduces retained earnings to zero  with franking credit of $27.5 b...
Tue, 1 Sep, 2020 at 12:39 PM
Loss carry-back rules
Question:  I want to carry back the loss of FY 2019-2020 to offset profit in FY 2018-2019. How it is done in LodgeIT? Answer: From a timing perspective, th...
Wed, 1 Dec, 2021 at 10:10 AM
Loss carry back tax offset calculation
 "Loss carry back tax offset" calculation. Here is the article from ATO: According to it we're following instructions this way: (1)...
Wed, 8 Jun, 2022 at 8:44 AM
Loss carry-back for companies
**Loss carry back rules can only be used in the 2021-onward form. ATO guide Loss carry back tax offset tool Note: It is necessary to visit the Reconc...
Wed, 1 Dec, 2021 at 10:21 AM
Loss carry-back offset (eligibility requirements)
Click here to learn more about Loss carry back tax offset tool from the ATO guide Note: Loss carry back tax offset cannot be more than Closing franking a...
Wed, 8 Jun, 2022 at 8:46 AM