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...
Tue, 7 Sep, 2021 at 8:24 AM
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...
Fri, 9 Jul, 2021 at 10:01 AM
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
Minutes of Trustee Resolution
Minutes should be prepared before 30 June. Check this related link from ATO
Wed, 8 Jul, 2020 at 11:55 AM
Cash vs Accrual Reporting in Tax Forms
The correct approach is using "Accrual" rather than "Cash", this is based on the tax form design/instruction perspective. This can be ve...
Mon, 17 Aug, 2020 at 8:54 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...
Tue, 10 Nov, 2020 at 10:39 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...
Sun, 19 Sep, 2021 at 10:24 PM
Loss carry-back for companies
**Loss carry back rules can only be used in the 2021-onward form. Note: It is necessary to visit the Reconciliation TAB and manually insert the losse...
Sun, 19 Sep, 2021 at 10:23 PM