Individual Tax Return
Illustration. The client receives income as a beneficiary of family trust and he is eligible to claim Small Business income tax offset of $1000 in his indi...
Tue, 4 Jun, 2024 at 11:41 AM
Error: CMN.ATO.IITR.40044 - Spouse's or de facto spouse's first name must not exceed 15 Characters. Solution: Make sure to unlock the form first,...
Thu, 7 Sep, 2023 at 10:20 AM
Question: Is it possible to have adjustments that the ATO make for super contributions factored into the refund? Answer: Add via Division 293 tax section ...
Thu, 14 Sep, 2023 at 11:41 AM
Question: I have a new client with carried forward losses in her individual return. She has Primary Production Losses and Non Primary Losses. Her income t...
Thu, 28 Sep, 2023 at 7:08 AM
How is "Compulsory Higher Education Loan repayment (HELP)" calculates in Individual Tax Return (ITR)
Illustration: A client ITR FY 2023 and she has HECS HELP DEBT $185478. However, her taxable income is 42392. Therefore, based on ATO she should not need t...
Tue, 4 Jun, 2024 at 11:26 AM
Where to find HECS-HELP Repayment? HECS Repayment Calculation ITR: How is "Compulsory Higher Education Loan repayment (HELP)" calculates? Lo...
Tue, 14 Nov, 2023 at 9:05 AM
This is how it calculates: 20M1 Total dividend income or managed investment scheme income from foreign companies" + "20F Total Australian frankin...
Tue, 4 Jun, 2024 at 11:41 AM
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 ...
Tue, 16 Apr, 2024 at 12:56 PM
The ANZSIC Code of "Aged or Disabled Carer" code under "Description of main business or professional activity" does not exist. Please ...
Thu, 2 May, 2024 at 6:38 AM
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...
Tue, 14 May, 2024 at 9:30 AM