Individual: Income

Foreign income tax offset (FITO) in Individual Tax Return (ITR)
LodgeiT doesn't calculate FITO. The user should calculate FITO limit manually Via Worksheet Foreign income tax offset is the sum of Foreign tax paid a...
Mon, 13 Jan, 2025 at 12:20 PM
Non-resident Capital Gain Discount (CGT)
Foreign and temporary residents are subject to CGT only on taxable Australian property, such as real estate in Australia and assets used to carry on a busin...
Thu, 19 Dec, 2024 at 11:00 AM
CGT discount on capital gains from Managed Fund
Question:  CGT discount on capital gains from Managed Funds is not available. Answer: Please fill “Capital gains – discount method(Grossed-u...
Thu, 27 Feb, 2025 at 2:55 PM
IT2 Reportable Employer Superannuation Contributions
Make sure to activate "PAYG" Via "Income", press "PAYG", update it via Item 1 Salary or Wages Open the existing pa...
Thu, 12 Dec, 2024 at 12:29 PM
Prior Year Net Capital Losses
Question: How to add in Prior Year Capital Losses. Solution: Go to "Income" tab > Capital Gains > Prior year net capital losses> clic...
Mon, 13 Jan, 2025 at 1:11 PM
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
How to Exempt the Current Year Capital Gain?
Illustration: For NAB shares, there is a capital gain of $2,129.27, and for the property sale, there is a capital gain of $19,418.10. Both amounts have been...
Tue, 17 Dec, 2024 at 9:51 AM
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
Claiming Motor Vehicle Expenses Against Partnership Income
Activate "Partnership" via manage section When preparing your individual income tax return (ITR) that includes partnership distributions, yo...
Thu, 12 Dec, 2024 at 1:14 PM
Superannuation Income Stream (Untaxed element)
Question: I have processed a clients income tax return including their superannuation income stream. I took out the taxable field as it is non taxable as pe...
Thu, 5 Dec, 2024 at 1:31 PM