Business Entity address of main business - Currency code Business Entity Current postal address - Currency code Business Entity Postal address on previous return - Currency code Inform relevant field with the street address of the main business. It is the place where most of the business decisions are made. For a consolidated or MEC group, inform the business address of the head company. The suburb/town/city, state/territory and postcode must be supplied in the separate fields as specified and MUST NOT be included in the first or second address line fields. The street address must be provided in the 1st and 2nd address lines. It may not be necessary to use both lines. If the second line is not used then the field must be blank filled. Business Entity address of main business - Line 1 Inform the relevant field with line 1 of the current postal address. First line utilising free format, that is used to create a semi structured address. The suburb/town/city, state/territory and postcode must be supplied in the separate fields as specified and MUST NOT be included in the first or second address line fields. The street address must be provided in the 1st and 2nd address lines. It may not be necessary to use both lines. Business Entity Current postal address - Line 1 Inform the relevant field with line 1 of the postal address on the previous return. First line utilising free format, that is used to create a semi structured address. The suburb/town/city, state/territory and postcode must be supplied in the separate fields as specified and MUST NOT be included in the first or second address line fields. The street address must be provided in the 1st and 2nd address lines. It may not be necessary to use both lines. Business Entity Postal address on previous return - Line 1 Inform the relevant field with the street address of the main business. It is the place where most of the business decisions are made. For a consolidated or MEC group, inform the business address of the head company. The suburb/town/city, state/territory and postcode must be supplied in the separate fields as specified and MUST NOT be included in the first or second address line fields. The street address must be provided in the 1st and 2nd address lines. It may not be necessary to use both lines. If the second line is not used then the field must be blank filled. Business Entity address of main business - Line 2 Inform the relevant field with line 2 of the current postal address. Second line utilising free format, that is used to create a semi structured address. The suburb/town/city, state/territory and postcode must be supplied in the separate fields as specified and MUST NOT be included in the first or second address line fields. The street address must be provided in the 1st and 2nd address lines. It may not be necessary to use both lines. Business Entity Current postal address - Line 2 Inform the relevant field with line 2 of the current postal address on the previous return. Second line utilising free format, that is used to create a semi structured address. The suburb/town/city, state/territory and postcode must be supplied in the separate fields as specified and MUST NOT be included in the first or second address line fields. The street address must be provided in the 1st and 2nd address lines. It may not be necessary to use both lines. Business Entity Postal address on previous return - Line 2 Inform the relevant field with line 3 of the business address of main business. Address line 3 and 4 can also be utilised for providing details about the location of an overseas addresses. Business Entity address of main business - Line 3 Inform the relevant field with line 3 of the current postal address. Address line 3 and 4 can also be utilised for providing details about the location of an overseas addresses. Business Entity Current postal address - Line 3 Inform the relevant field with line 3 of the postal address on the previous return. Address line 3 and 4 can also be utilised for providing details about the location of an overseas addresses. Business Entity Postal address on previous return - Line 3 Inform the relevant field with line 4 of the business address of main business. Address line 3 and 4 can also be utilised for providing details about the location of an overseas addresses. Business Entity address of main business - Line 4 Inform the relevant field with line 4 of the current postal address. Address line 3 and 4 can also be utilised for providing details about the location of an overseas addresses. Business Entity Current postal address - Line 4 Inform the relevant field with line 4 of the postal address on the previous return. Address line 3 and 4 can also be utilised for providing details about the location of an overseas addresses. Business Entity Postal address on previous return - Line 4 Inform the relevant field with the suburb or town of the business address of main business. For overseas addresses the town, state or region and area code must be reported in the Suburb/town/city field. Business Entity address of main business - Suburb, Town or city Inform the relevant field with the suburb, town or city of the current postal address. For overseas addresses the town, state or region and area code must be reported in the Suburb/town/city field. Business Entity Current postal address - Suburb, Town or City Inform the relevant field with the suburb or town of the postal address on the previous return. For overseas addresses the town, state or region and area code must be reported in the Suburb/town/city field. Business Entity Postal address on previous return - Suburb, Town or city Inform the relevant field with the overseas address indicator of the business address of the main business. This field must be set to True if the address is overseas or False if the address is located in Australia Business Entity address of main business - Overseas address indicator Inform the relevant field with the over seas address indicator of the current postal address. Set this field to True if the address is overseas or False if the address is located in Australia Business Entity Current postal address - Overseas address indicator Inform the relevant field with the overseas address indicator for the postal address on the previous return. Set this field to True the address is overseas or False if the address is located in Australia Business Entity Postal address on previous return - Overseas address indicator Inform the relevant field with the postcode of the business address of main business. For overseas addresses the Postcode field must always be blank. Business Entity address of main business - Postcode Inform the relevant field with the postcode of the current postal address. For overseas addresses the Postcode field must always be blank. Business Entity Current postal address - Postcode Inform the relevant field with the postcode of the postal address on the previous return. For overseas addresses the Postcode field must always be blank. Business Entity Postal address on previous return - Postcode Inform the relevant field with the appropriate code for the state of the business address of main business. The field must be set to one of the following codes described in the enumeration values. Business Entity address of main business - State or Territory Inform the relevant field with the appropriate code for the state or territory of the current postal address. The field must be set to one of the following codes described in the enumeration values. Business Entity Current postal address - State or Territory Inform the relevant field with the appropriate code for the state on the postal address on the previous return. The field must be set to one of the following codes described in the enumeration values. Business Entity Postal address on previous return - State or Territory Public officer telephone area code This field must be in the format: STD Code. Tax agent contact telephone area code Public officer telephone number Enter the telephone number without the service line code, area code or the country code. Tax agent contact telephone number Public officer telephone - Service line code Tax agent contact telephone service line code Public officer telephone - Usage code Tax agent contact telephone usage code Inform the relevant field with the appropriate indicator. This field is optional and should be set to "L" where the business is in liquidation. In Liquidation Indicator Ultimate holding company name - Currency code Immediate holding company name - Currency code Business Entity Current name - Currency code Business Entity Previous name - Currency code Ultimate holding company name - Type code Immediate holding company name - Type code MN - Main name, MTR - Main trading name, OTR - Other trading name, OTH - Other name, MAU - Management accounting unit, UNK - Unknown Business Entity Current name - Type code Business Entity Previous name - Type code Inform the relevant field with the Ultimate holding company name. For a consolidated or MEC group, inform the name of the ultimate holding company of the head company. If the ultimate holding company is registered on the ABR, write the ABN of the ultimate holding company. Ultimate holding company name Inform the relevant field the name of the company that has the largest share of the controlling interest in the operations of the company lodging the company tax return, and that is immediately above that company in the company group. If the company has no immediate holding company, do not complete this item. For a consolidated or MEC group, inform the name of the immediate holding company (if any) of the head company. Immediate holding company name Inform the relevant field with the organisation's name. When recording the name of the company entity: (1) inform the company name exactly as it appears on the company certificate of incorporation, and (2) for subsequent tax returns, ensure that the company name is consistent from year to year unless the name changes. If the company name is legally changed, the Tax Office must be notified in writing of the change at the time the change is made. Inform the current company name as registered with the Australian Securities and Investments Commission. In the case of the head company of a consolidated or MEC group, use only the head company’s name. Business Entity Current name Inform the relevant field with the previous name of the company. If the company name has changed, print the previous name exactly as shown on the last tax return lodged. Business Entity Previous name Public officer's - Name Currency code This element is used to capture an individual's family name. Where a person has only one name, it should be captured in this field. Public officer's - Family name This element is used to capture the first given name of an individual Public officer's - First name This field is used to capture the suffix associated with an individuals name. Public officer's - Suffix This element is used when a person has a second given name. Public officer's - Other given names Public officer's - Name type code This element is used to capture a person's title. It should not be used to capture a job title. Public officer's - Title Public officer unstructured name Tax agent declaration person unstructured name Tax agent contact name Business Entity address of main business - Usage code Business Entity Current postal address - Usage code Business Entity Postal address on previous return - Usage code Inform the relevant field with the country code of the business address of the main business. Codes are listed in ISO3166 and ABS 1269.0 SACC Business Entity address of main business - Country code Inform the relevant field with the country code of the current postal address. Codes are listed in ISO3166 and ABS 1269.0 SACC. This field may be left blank if the country is Australia. Business Entity Current postal address - Country code Inform the relevant field with the country code of the postal address on the previous return. Codes are listed in ISO3166 and ABS 1269.0 SACC Business Entity Postal address on previous return - Country code Business Entity address of main business - Country name Business Entity Current postal address - Country name Business Entity Postal address on previous return - Country name If the ultimate holding company is resident in another country, use the code for that country. Codes are listed in ISO3166 maintained by the International Standards Organisation (ISO). Ultimate holding company Country code Inform the relevant field with the description of main business or professional activity. Describe the business activity from which the partnership or trust derived the most gross income – for example, beef cattle breeding, vegetable growing, clothing manufacturing, confectionery wholesaling, domestic appliance retailing, investing in shares and stocks, investing in residential property. Do not use general descriptions such as farming, manufacturing, wholesaling, investing or company. For a consolidated or MEC group, inform the business activity from which the group derived the most gross income. Business Entity Description of main business or professional activity Public officer's - Name usage code Valid values include: Contact, MailRecipient, Administrator, SecondaryContact, LodgmentContact, Signatory Public officer unstructured name Usage code Tax agent declaration person unstructured name - Usage code Tax agent contact name - Usage code Public officer declaration statement type code Tax agent declaration statement type code Public officer's declaration - Signatory identifier Tax agent declaration.signatory identifier.text The date reported must be the actual date on which the declaration was signed by the Public Officer. Public officer's signature date Tax agent declaration signature date Public officer's declaration statement accepted indicator Tax agent declaration statement accepted indicator Public officer's declaration statement Tax agent declaration statement text If there will be no requirement for the company to lodge tax returns in future years, set this field to True. Subsidiary members of consolidated or MEC groups should not inform True if membership of the consolidated group is the only basis on which the company will not be required to lodge future tax returns. Business Entity Final tax return indicator When completing this question consider the time, rounded up to the nearest hour, that your business spent: - reading the instructions - collecting the necessary information to complete this return - making any necessary calculations - actually completing this return and/or putting the tax affairs of your business in order so the information can be handed to your tax agent. The answer should relate to the time both you and your tax agent spent in preparing and completing your tax return. This includes the time spent by any other person whose assistance was obtained in doing this, such as an employee. Hours taken to prepare and complete this form Inform the relevant field with the financial year or income year which the information provided in the report refers to. Year of return Bank State Branch number: Enter the Bank State Branch (BSB) code. Bank account details now need to be provided each year. Complete the BSB, Account number and Account name boxes. This is a mandatory field. Bank State Branch number Account name: Enter the name of the financial account that the client has elected to receive payments such as refunds or credits. Bank account details now need to be provided anew each year. Complete the BSB, Account number and Account name boxes. Enter the account name, as shown on the account records. Do not enter the account type – for example savings, cheque or mortgage offset. Include spaces between each word and between initials in the account name. Joint accounts are acceptable. The account name must not exceed 32 characters. Account name (not showing account type eg. savings) Account number: Enter the bank account number. Bank account details now need to be provided anew each year. Complete the BSB, Account number and Account name boxes. Do not include spaces in the account number. This is a mandatory field. Account number Financial Institution branch name: Enter the branch name of the financial institution Financial Institution branch name Financial institution name: Enter the name of the financial institution Financial Institution name Inform the relevant field with the Ultimate holding company ABN. For a consolidated or MEC group, inform the name of the ultimate holding company of the head company. If the ultimate holding company is registered on the ABR, write the ABN of the ultimate holding company. Ultimate holding company ABN If the company has no immediate holding company, do not complete this item. Otherwise inform the ABN of the company that has the largest share of the controlling interest in the operations of the company lodging the company tax return, and that is immediately above that company in the company group. If it is registered on the ABR, write the ABN of the immediate holding company. Immediate holding company ABN Inform the relevant field with the ABN of the company if the company is registered on the Australian Business Register (ABR). In the case of a consolidated group, inform the ABN of the head company. Australian Business Number of Business Entity Inform the relevant field with the previous ACN. If the company name has changed, write Australian company number (ACN) or Australian registered business number (ARBN). Previous Australian Company Number (ACN) of Business Entity Inform the relevant field with the previous ARBN. If the company name has changed, inform Australian company number (ACN) or Australian registered business number (ARBN). Previous Australian Registered Body Number (ARBN) of Business Entity This element is used for correspondence or contact by the ATO to the Tax Agent to facilitate the identification of their client. Client's reference Inform the relevant field with the Tax Agent Number. If the TAN consists of only seven digits, it is an old registration and you will need to add a ‘0’ (zero) in front of the first four digits of the TAN. Tax Agent Number Inform the relevant field with the amount of all current assets. If the company was a subsidiary member of a consolidated or MEC group at the end of the income year and is completing a tax return because of any non-membership periods, inform at this label the relevant amount as at the end of the latest non-membership period. All current assets Inform the relevant field with the amount of all current liabilities. If the company was a subsidiary member of a consolidated or MEC group at the end of the income year and is completing a tax return because of any non-membership periods, inform in this field the relevant amount as at the end of the latest non-membership period. Also include the amount at label 'Trade creditors'. All current liabilities Inform the relevant field with the total amount of trade creditors. If the company was a subsidiary member of a consolidated or MEC group at the end of the income year and is completing a tax return because of any non-membership periods, inform in this field the relevant amount as at the end of the latest non-membership period. Also include in this the amount at label 'All current liabilities'. Trade creditors Inform the relevant field with the amount of opening stock. The amount shown at this label is the value for income tax purposes under section 70-40 or, for small business entities using the simplified trading stock rules, subsection 328-295(1) of the Income Tax Assessment Act 1997. The opening value of an item of stock must equal its closing value in the previous income year. If a taxpayer did not have any trading stock in the previous year, the value of trading stock at the start of the year is zero. This might occur in the case of a new business or in the first year a taxpayer has trading stock. Include motor vehicle floor plan stock and work in progress of manufactured goods. Do not include any amount that represents opening stock of a business that commenced operations during the income year. Include this amount at ‘Purchases and other costs’. For consolidated groups, see Consolidation reference manual for more information on trading stock held by its subsidiary members at joining time. Opening stock Inform the relevant field with the amount of closing stock. Small business entities: The company must account for changes in the value of its trading stock only if the difference between the: - the value of the company’s stock on hand at the start of the income year as shown at Opening stock, and - a reasonable estimate of the value of the company’s stock on hand at the end of the income year is more than $5,000. If the difference is not more than $5,000, the company can still choose to conduct a stocktake and account for changes in the value of trading stock if it wishes. If the difference between the value of the opening stock and a reasonable estimate of its closing stock is more than $5,000, the company must account for changes in the value of its trading stock. All other companies: Inform the total value of all trading stock on hand at the end of the income year or accounting period for which the company tax return is being prepared. The amount at this label is the value calculated for income tax purposes under section 70-45 of the ITAA 1997. If the company is registered or required to be registered for GST, the value of closing stock should not include an amount equal to the input tax credit that the company has claimed or is entitled to claim. Input tax credits do not arise for some items of trading stock, such as shares. Include floor plan stock and work in progress of manufactured goods. Do not include any amount that represents closing stock of a business that ceased operations during the income year. Include this amount at Income, Other gross income. Closing stock Inform the relevant field with the amount of all other expenses. Also include any extraordinary expenses – that is, expenses or losses from events outside the ordinary operations of the company and not of a recurring nature. An extraordinary loss that is not deductible is added back at Non-deductible expenses. Calculation of some deductions may be affected by the commercial debt forgiveness provisions - see ATO website for explanation. All other expenses Inform the relevant field with the company’s net capital gain. If the company has used the CGT summary worksheet or CGT schedule use the amount as explained in the publication 'Guide to capital gains tax'. The company’s net capital gain is the total of the capital gains it made for the income year (gains that are not disregarded other than by one of the small business concessions listed below) reduced by current year capital losses (that are not disregarded) and prior year net capital losses. Any remaining capital gains are reduced by the discount percentage (if applicable) and then the small business concessions (if applicable): - the small business 50% active asset reduction - the small business retirement exemption, and - the small business rollover relief. Net capital gain Inform the relevant field with the amount of the net capital gain that accrued from the investment of virtual PST assets. Life insurance companies and friendly societies only - Net capital gain - complying superannuation/FHSA Class Inform the relevant field with the amount of the net capital gain that is included in the ordinary class of taxable income from life insurance companies and friendly societies.. Life insurance companies and friendly societies only - Net capital gain-ordinary class Inform in the affirmative if the company used the internet to: - receive orders for goods and/or services; - receive payment for goods and/or services; - deliver goods and/or services. Inform in the negative if the company used the internet only to: - advertise the company’s goods or services - give support to the company’s customers - buy the company’s stock - do the company’s banking online. Internet Trading Inform the relevant field with the percentage of non-member income. Membership-based non-profit organisations (including licensed clubs) are only assessable on trading income that relates to non-members, on income received from sources outside its trading activities (including commercial transactions with members) and on revenue specified as income by tax law. This is due to the principle of mutuality that recognises that any surplus arising from contributions to a common fund created and controlled by people for a common purpose is not income. Mutual receipts of non-profit companies, however, are classified under tax law as non-assessable, non-exempt income. Percentage of non-member income Inform the relevant field with the amount of unrealised losses on revaluation of assets to fair value. Adjustments for tax purposes are made at Reconciliation to taxable income or loss - An unrealised loss that is not deductible is added back at Non-deductible expenses - Any net capital gain for taxation purposes is included at Net capital gain - Any net capital loss is included with any unapplied capital losses carried forward to later income years and is written at Net capital losses carried forward to later income years. Unrealised losses on revaluation of assets to fair value Inform the relevant field with the amount of immediate deduction for capital expenditure. Companies in the mining, petroleum and quarrying industries should write at this label the total amount of capital expenditure (other than on depreciating assets) claimed as an immediate deduction for exploration and prospecting, rehabilitation of mining or quarrying sites, and payment of petroleum resource rent tax. For more information about these deductions, see the Tax Office publication Guide to depreciating assets. Immediate deduction for capital expenditure Inform the relevant field with the amount of section 40-880 deduction. The total of the Company’s deductions allowable for eligible business related capital expenditure it incurred that is not otherwise deductible or taken into account, and for which a deduction is not denied by some other provision. Taxpayer's are provided a five-year write-off for certain business related capital expenditure incurred in relation to a past, present or proposed business. The deduction applies to business-related capital expenditure incurred after 30 June 2005. Generally, the expenditure is only deductible to the extent the business is, was or is proposed to be carried on for a taxable purpose. A deduction cannot be claimed for capital expenditure to the extent that it: - can be deducted under another provision of the income tax laws - forms part of the cost of a depreciating asset the Company holds, used to hold or will hold - forms part of the cost of land - relates to a lease or other legal or equitable right - would be taken into account in working out an assessable profit or deductible loss - could be taken into account in working out a capital gain or a capital loss from a CGT event - would be specifically not deductible under the income tax laws if the expenditure was not capital expenditure - is specifically not deductible under the income tax laws for a reason other than that the expenditure is capital expenditure - is of a private or domestic nature - is incurred in relation to gaining or producing exempt income or non-assessable non-exempt income - is excluded from the cost or cost base of an asset because, under special rules in the UCA or capital gains tax regimes respectively, the cost or cost base of the asset was taken to be the market value, or - is a return of or on capital (for example, distributions by trustees) or a return of a non-assessable amount (for example, repayments of loan principal). The Company deducts 20% of the qualifying capital expenditure in the year it is incurred and in each of the following four years. Section 40-880 deduction Inform the relevant field with the amount of capital works deductions. The deduction claimed for capital expenditure on qualifying buildings and structural improvements, including eligible capital expenditure on extensions, alterations or improvements to either of these. Exclude capital expenditure for mining infrastructure buildings and timber milling buildings. Different deduction rates apply (2.5% or 4%) depending on the date on which construction began, the type of capital works and the manner of use. The Company can claim a deduction under Division 43 for an income year only if it owns, leases or holds part of a construction expenditure area of capital works (‘your area’), incurred the construction expenditure or is an assignee of the lessee or holder who incurred the expense, and uses ‘your area’ to produce assessable income or in some cases for carrying on R&D activities. A lessee or holder can claim a deduction in respect of an area leased or held under a quasi-ownership right. The Company can deduct an amount for capital works in an income year if the capital works have a ‘construction expenditure area’, there is a ‘pool of construction expenditure’ for that area, and the company uses the area in the income year to produce assessable income or carry on research and development activities. No deduction until construction is complete. The deduction cannot exceed the undeducted construction expenditure for your area. Capital works deductions Inform the relevant field with the amount of allowable expenditure incurred in the income year for the sole or dominant purpose of carrying on environmental protection activities. EPA are activities undertaken to prevent, fight or remedy pollution or to treat, clean up, remove or store waste from the Company’s earning activity. The Company’s earning activity is one it carried on, carries on or proposes to carry on for the purpose of producing assessable income (other than a net capital gain), exploration or prospecting, or mining site rehabilitation. The Company may also claim a deduction for cleaning up a site on which a predecessor carried on substantially the same business activity. The deduction is not available for bonds and security deposits, expenditure for acquiring land, expenditure for constructing or altering buildings, structures or structural improvements or expenditure to the extent that the Company can deduct an amount for it under another provision. Expenditure that forms part of the cost of a depreciating asset is not expenditure on EPA. Deduction for environmental protection expenses FHSA providers only (other than life insurance companies) are to complete. Do not include the 15% tax liability as a fee or charge. Fees and charges applied to FHSAs Inform the relevant field with the amount of section 46FA deduction for flow-on dividends. If a deduction is claimed under section 46FA, the claiming entity must maintain an unfranked non-portfolio dividend account under section 46FB of the Income Tax Assessment Act 1936 and complete 'Balance of unfranked non-portfolio dividend account at year end' in Financial and other information. If an amount (greater than zero) is entered, then complete an International Dealings Schedule. Section 46fa deduction for flow-on dividends Inform the relevant field with the amount of foreign resident withholding expenses. Include all expenses directly relating to gaining income subject to foreign resident withholding (informed in Income, Gross payments subject to foreign resident withholding, Gross distribution from partnerships or Gross distribution from trusts). Any expenses included in this field that directly relate to gaining income that is not taxable in Australia should also be informed as a Non-deductible exempt income expenditure. Foreign resident withholding expenses Inform the relevant field with the amount of forestry managed investment scheme deduction. The company is an initial participant in an FMIS if: - it obtained its forestry interest in the FMIS from the forestry manager of the scheme, and - its payment to obtain the forestry interest in an FMIS results in the establishment of trees. The company is a subsequent participant if it is not an initial participant. The forestry manager of an FMIS is the entity that manages, arranges or promotes the FMIS. A forestry interest in an FMIS is a right to benefits as advised you that the FMIS satisfies the 70% direct forestry expenditure rule in Division 394 of the ITAA 1997. If the company is an initial participant, it cannot claim a deduction if it disposed of the forestry interest in an FMIS within four years after the end of the income year in which a payment was first made. If the company is a subsequent participant, it cannot claim a deduction for the amount paid for acquiring the interest. The company can only claim a deduction for ongoing payments. Initial participants can claim at this item initial and ongoing payments made under an FMIS that were made as an initial participant of the FMIS. Subsequent participants can claim at this item ongoing payments made under an FMIS that were made as a subsequent participant of the FMIS. Excluded payments The company cannot claim a deduction at this item for any of the following payments: Payments for borrowing money - interest and payments in the nature of interest (such as a premium on repayment or redemption of a security, or a discount of a bill or bond) - payments of stamp duty - payments of GST - payments that relate to transportation and handling of felled trees after the earliest of: – the sale of the trees – the arrival of the trees at the mill door – the arrival of the trees at the port – the arrival of the trees at the place of processing (other than where processing happens in-field) - payments that relate to processing - payments that relate to stockpiling (other than in-field stockpiling). Forestry managed investment scheme deduction Inform the relevant field with the expense related adjustments that are added back to the amount shown at Total profit or loss - to reconcile with the amount shown at Taxable income or loss. The amount shown at Non deductible expenses excludes: - any amount shown at Non deductible exempt income expenditure, and - any amount shown at Accounting expenditure in item 6 subject to R&D tax concession. Generally, Non deductible expenses shows the amounts that are an expense for accounting purposes but are not deductible for income tax purposes, including timing variations. Examples are: - debt deductions disallowed under the thin capitalisation rules - unrealised losses on revaluation of assets and liabilities to fair value under IFRS - expenses incurred in deriving non-assessable non-exempt income such as foreign income that is non-assessable non-exempt income under - a non-share dividend, to the extent that it is an expense for accounting purposes and therefore taken into account in determining total profit and loss, but which is not deductible for income tax purposes. Non deductible expenses Inform the relevant field with the amount of deduction for project pool. The Company’s deductions for project amounts allocated to project pools. If a project is abandoned, sold or otherwise disposed of the Company can deduct the project pool value at that time. Include this deduction here. Certain capital expenditure incurred after 30 June 2001 that is directly connected with a project carried on or proposed to be carried on for a taxable purpose - known as a project amount - can be allocated to a project pool and written off over the project life. Each project has a separate project pool. Project amounts also include mining capital expenditure and transport capital expenditure. The expenditure must not otherwise be deductible or form part of the cost of a depreciating asset. The deduction for project amounts allocated to a project pool commences when the project starts to operate. For further guidance, see Taxation Ruling TR 2005/4 – Income tax: capital allowances – project pools – core issues. Deduction for project pool Inform the relevant field with the total of the amounts that form part of assessable income if you have not included them as income at Net capital gain, Franking credits or Australian franking credits from a New Zealand company. The following items are shown here: - The excess of the company’s foreign source income and attributed foreign income for taxation purposes over income from such sources shown in the accounts. Gross up foreign source income by the amount of foreign tax paid. Include any add-back or subtraction adjustment to expenses claimed against such income separately at Non-deductible expenses or at Other deductible expense. - Assessable foreign exchange gains to the extent that they have not been included at Calculation of total profit or loss, or at any other label of Reconciliation to taxable income or loss. See Foreign exchange gains and losses on the ATO website for more information. - Assessable balancing adjustment amounts for non-R&D assets. (Assessable balancing adjustment amounts for assets used in R&D activities subject to the R&D tax concession are taken into account at L Australian owned R&D tax concession – not including Australian owned R&D – extra incremental 50% deduction.) Note: Assessable balancing adjustment amounts for assets used in foreign-owned R&D activities are not subject to the R&D tax concession and should not be included in Accounting expenditure in 'Calculation of total profit t or loss' subject to R&D tax concession, Australian owned R&D tax concession – not including 'Australian owned R&D – extra incremental 50% deduction', or Foreign owned R&D tax concession – not including 'Foreign owned R&D – extra incremental 75% deduction'. If the company ceases to hold or to use a depreciating asset, a balancing adjustment event occurs. For assets subject to the small business entity depreciation rules, see the ATO website Step 5 of Disposal of depreciating assets. For assets not subject to the small business entity depreciation rules, calculate a balancing adjustment amount to include in the company’s assessable income or to claim as a deduction. If the asset was used for both taxable and non-taxable purposes, reduce the balancing adjustment amount by the amount attributable to the non-taxable use. A capital gain or capital loss amount may arise attributable to that non-taxable use. For more information, see the ATO website Guide to depreciating assets. - The company’s share of a deduction in respect of a ‘listed investment company (LIC) capital gain’ amount if it receives a distribution from a partnership or trust that claimed a deduction in respect of a LIC capital gain amount – see section 115-280 of the Income Tax Assessment Act 1997. There is an exception for life insurance companies. For more information, see the ATO website for Company Instructions in the section on Life insurance companies and friendly societies only. - Excessive deductions for capital allowances that are to be included in assessable income under the limited recourse debt rules - Amounts assessable under Division 45 of the Income Tax Assessment Act 1997. Broadly, if a taxpayer holds plant which has been used principally for leasing and some part of the lease period occurred on or after 22 February 1999, Division 45 and related amendments may apply from that date to include an amount in the assessable income of the taxpayer upon disposal of such plant, or an interest in the plant, or an interest in, or rights under, a lease of the plant. Other assessable income Inform the relevant field with the amount of unrealised gains on revaluation of assets to fair value. An unrealised gain that is not assessable income is included at Other income not included in assessable income. Unrealised gains on revaluation of assets to fair value Inform the relevant field with the amount of exempt income. Do not include amounts that are not assessable income and not exempt income – for example, any foreign income amounts that are treated as non-assessable non-exempt income under section 23AH, 23AI, 23AJ, 23AK or 99B(2A) of the Income Tax Assessment Act 1936. Include these amounts at 'Other income not included in assessable income'. Do not include at this field income exempt under an RSA. Write exempt income from RSAs at 'Exempt income from RSAs'. Exempt income Under accounting standards the change in the fair value of financial arrangements may be booked to profit or loss. Where a business enity has made one or more tax timing method elections which result in the recognition of such amounts under the TOFA rules, they will include such amounts in the area of "Information statement - calculation of total profit or loss". To the extent that gains from the unrealised movements in the value of financial arrangements have been recognised in the area of "Information statement - calculation of total profit or lost". They should also be recognised here. TOFA gains from unrealised movements in the value of financial arrangements FHSA providers only (other than life insurance companies) are to complete. This is the FHSA component of taxable income where the FHSA provider is an ADI. Net amounts credited to FHSAs FHSA providers only (other than life insurance companies) are to complete Amounts credited to FHSAs Inform the relevant field with the amount of forestry managed investment scheme income. Determine if the business entity is a initial or subsequent participant and Inform the sum of thinning receipts, Sale and harvest receipts – forestry interest no longer held and Sale and harvest receipts – forestry interest still held. Forestry managed investment scheme income Inform the relevant field with the amount of other income not included in assessable income. The income-related adjustments that have to be subtracted from Total profit or loss to reconcile with Taxable income or loss. Do not include again amounts included at 'Section 46FA deductions for flow-on dividends' to 'Exempt income' here. Generally the amounts that are included at this field are income for accounting purposes but not assessable for income tax purposes. Include the following items at this label: – any excess of gross foreign source income, shown in the income labels, over the amount that represents assessable income. In calculating the excess, include dividends and other amounts that are not assessable because of sections 23AH, 23AI, 23AJ, 23AK and 99B(2A) of the Income Tax Assessment Act 1936. Note that you must attach a Schedule 25A for the year if the company received dividends or other amounts covered by any of these provisions – any part of an unfranked distribution that is not assessable due to section 802-15 or 802-20 of the Income Tax Assessment Act 1997 (these provisions are relevant to conduit foreign income) – other amounts of non-assessable non-exempt income (do not include demerger dividends or other amounts not shown at calculation of total profit or loss). – profits on disposal of assets used in R&D activities which are subject to the R&D tax concession included at ‘Other gross income’ calculation of total profit or loss. – Australian and foreign source capital gains for accounting purposes that have been included at ‘Unrealised gains on revaluation of assets to fair value’ or ‘Other gross income’ in calculation of total profit or loss. For Australian taxation purposes, include any net capital gain at ‘Net capital gain’ in reconciliation to taxable income or loss – any excess of a forex gain for accounting purposes, included at calculation of total profit or loss, over the assessable forex gain. See ‘Foreign exchange gains and losses’ on the guide on the ATO website for more information on the forex measures. Other income not included in assessable income Inform the relevant field with the amount of other gross income. The amount of other gross income may include royalties, insurance recoveries, bad debt recoveries, life insurance premiums, subsidies and assessable non-government assistance from all sources and profit on sale of depreciating assets (including assets used for Research & Development (R&D) purposes). Other gross income Inform the relevant field with the amount of gross distribution from partnerships. Include any amounts subject to foreign resident withholding that were distributed to the company from a partnership. Also include the company’s share of credit from foreign resident withholding. Do not include: - distributions from a corporate limited partnership (unless that distribution is attributable to profits made before it became a corporate limited partnership). - any amount referable to Australian franking credits received indirectly from a New Zealand company through a partnership. Also include the company’s share of franking credits included in the gross distribution from the partnership at Rebates/tax offsets in the Calculation statement. If the amount is a loss it will be represented as a negative number. Gross distribution from partnerships Inform the relevant field with the amount of pooled development funds income from sm/med enterprises. Small and Medium Enterprises (SME) assessable income is the sum of: - non-CGT assessable income derived from an SME investment or derived from the disposal of an SME investment at a time when the company was a PDF, and - the overall capital gain allocated to the SME assessable income class. The overall capital gain allocated to the SME assessable income class is the amount of any ordinary capital gain that would otherwise arise from a Capital Gain Tax (CGT) event at a time the company was a Pooled Development Fund (PDF) in relation to an SME investment less: - any ordinary capital loss for that class, and - any overall capital loss from another class of assessable income, and then - any prior year net capital losses. Capital gains in one class of assessable income are first reduced by capital losses in that class and then by capital losses in another class. Prior year capital losses are applied first against capital gains in the SME assessable income class. Full-year PDF For a company that is a PDF for the full income year, the SME income component is SME assessable income less deductions allowable to the PDF for the income year. Part-year PDF A company that becomes a PDF part way through the income year and is still a PDF at the end of the income year is taxed as a PDF from the day it became registered as a PDF to the end of the income year as if that period were an income year (‘the PDF period’). The PDF component is the taxable income for the PDF period. (A company’s ‘PDF component’ is its ‘adjusted taxable income’.) The SME income component of a part-year PDF is the company’s SME assessable income less any deductions allowable to the company for the income year that relate to the PDF period. Pooled development funds - small and medium sized enterprises income Inform the relevant field with the amount of pooled development finds unregulated investment income. Full-year PDFs The unregulated investment component of a company that is a PDF for the full income year is worked out by deducting the company’s SME income component from its taxable income for the year. The amount (if any) remaining is the company’s unregulated investment component. Part-year PDFs The unregulated investment component of a part-year PDF is worked out by deducting the company’s SME income component for the year of income from its adjusted taxable income. Pooled development funds - unregulated investment income Inform the relevant field with the amount of gross rent and other leasing and hiring income. The amount of these can not be claimed as a loss. Gross rent and other leasing and hiring income Inform the relevant field with the amount of taxable income or loss. Enter all assessable income less deductions that equals the amount at this field ‘Total profit or loss' plus or minus the reconciliation adjustments plus the amount shown at ‘R&D tax offset, if chosen’. If the company has a taxable income of $1 or more, transfer the amount at ‘Taxable income or loss’ to ‘Taxable or net income’ in the calculation statement. The company’s tax loss at ‘Taxable income or loss’ is the excess of its total deductions (except tax losses for earlier income years) over its total assessable income and net exempt income – see section 36-10 of the Income Tax Assessment Act 1997. If the amount is a loss, ensure it is represented as a negative number. The company’s net exempt income is calculated under section 36-20 of the Income Tax Assessment Act 1997 and is not necessarily equal to the amount written at ‘Exempt income’. Check that the amount at ‘Other assessable income’ includes the amount of net exempt income taken into account in calculating the company’s tax loss. If the company has a tax loss at this label, print zero (0) at ‘Taxable or net income’ in the ‘Calculation statement’. If the company has excess franking offsets that can be converted under section 36-55 of the Income Tax Assessment Act 1997 into a tax loss to be carried forward, do not include at this field the amount of that tax loss. However, that amount should be taken into account in calculating the company’s tax loss at ‘Tax losses carried forward to later income years’. This means that a company may have a taxable income at ‘Taxable income or loss’ and a tax loss carried forward. Alternatively, if the company’s total deductions exceed total assessable income and net exempt income, it would show an amount at this field that, disregarding section 36-55, would have been its tax loss for the income year. Taxable income or loss Inform the relevant field with the amount of gross distribution from trusts. Include any amounts subject to foreign resident withholding that were distributed to the company from a trust. Also include the company’s share of credit from foreign resident withholding. Gross distribution from trusts Inform the relevant field with the amount of other deductible expenses. The amount of expense-related adjustments that are subtracted from 'Total profit or loss' to reconcile with 'Taxable income or loss'. Do not include the following items again here: - Section 46FA deductions for flow-on dividends, - Deduction for decline in value of depreciating assets, - Forestry managed investment scheme deduction, - Immediate deduction for capital expenditure, - Deduction for project pool, - Capital works deductions, - Section 40-880 deduction, - Australian owned R&D tax concession – not including label M, - Foreign owned R&D tax concession – not including label K, - Australian owned R&D – extra incremental 50% deduction, - Foreign owned R&D – extra incremental 75% deduction, - Landcare operations and deduction for decline in value of water facility, - Deduction for environmental protection expenses, and - Offshore banking unit adjustment. If the company is a life insurance company, include at this label the deduction it is entitled to if it receives a dividend from a Listed Investment Company (LIC), which includes a LIC capital gain amount. For more information, see Life insurance companies and friendly societies only in the Guide on the ATO website. Other companies are not entitled to this deduction. Also include at this label deductible forex losses to the extent that they have not been included in calculation of total profit or loss or in any other label reconciliation to taxable income or loss. See Foreign exchange gains and losses in the Guide on the ATO website for more information on the forex measures. Other deductible expenses Company (if applicable) must enter a whole $ amount to allow the Commissioner to perform the appropriate calculation of PAYG instalment income TOFA deductions from financial arrangements not included in element "Expenses from financial arrangements" Inform the relevant field with the amount of depreciation expenses. For Companies that are not an eligible small business entity that has chosen to use the simplified depreciation rules, this is the book depreciation expenses for depreciating assets. This amount does not include profit on sale of depreciating assets or loss on sale of depreciating assets. If the Company is an eligible small business entity and has chosen to use the simplified depreciation rules, this is the total depreciation deductions being claimed under the simplified depreciation rules and the uniform capital allowances (UCA) rules. Small business entities can claim an immediate deduction for most depreciating assets costing less than $1,000 each (excluding input tax credit entitlements) and pool most of their other depreciating assets. For more information about the small business entity depreciation rules, visit the Tax Office website ato.gov.au Depreciation expenses Total TOFA losses: Enter all TOFA 3 & 4 losses sourced in Australia and overseas. Total TOFA losses Total TOFA gains: Enter all TOFA 3 & 4 gains sourced in Australia and overseas. Total TOFA gains Taxpayers (if applicable) must enter a whole $ amount to allow the Commissioner to perform the appropriate calculation of PAYG instalment income. TOFA income from financial arrangements not included in element "Income from financial arrangements" Company (if applicable) must enter a whole $ amount to allow the Commissioner to perform the appropriate calculation of PAYG instalment income Income from financial arrangements (TOFA) Use negative value if it is a loss amount. Zero amount is acceptable. Under the existing law, balancing adjustment amounts are not to be included in the calculation of PAYG instalment income. This amount will be one of a variety of things included in taxpayer’s TOFA gains/losses reported at Item 7. As such it is necessary to separately identify this amount so as to ensure this amount is not included in the calculation of a taxpayer’s PAYG instalment income. It will be possible to remove this label in Taxtime 2016 as the balancing adjustment provisions only apply to the first 4 years the Division 230 applies to a taxpayer. (A loss box is required next to this label, for taxpayers to advise if this is an overall loss amount.) TOFA Transitional balancing adjustment Inform the relevant field with the amount of total dividends. The amount at this label cannot be a loss. Do not include: - a dividend received under a demerger unless the head entity of the demerger group has elected under subsection 44(2) of the ITAA 1936 that the dividend be treated as an assessable dividend; - any franking credits that were attached to dividends received from an Australian company ; - any Australian franking credits from a New Zealand franking company;. - distributions between members of the same consolidated group. Total dividends The net taxable income from RSAs is to be returned at this label. Retirement Savings Accounts - net taxable income from RSAs The amount of assessable contributions received by the Retirement Savings Account where a TFN was not provided. Retirement savings accounts - No-TFN contributions income Only inform the amount if the calculated interest amount is 50 cents or more for early payment. Do not show actual payments. The company may be entitled to interest if it makes an actual payment on account of certain amounts more than 14 days before the due date of payment. Amounts which may attract early payment interest include payments of: - income tax - shortfall interest charge - interest payable under section 102AAM. Amounts which are not directly paid but are reduced by the crediting or applying of an amount do not attract early payment interest. These amounts include: - credit for instalments payable under the PAYG instalment regime - credit for amounts withheld from withholding payments under the PAYG withholding regime - an overpayment of other income tax liabilities - a running balance account (RBA) surplus - any other credit entitlement arising under a taxation law. Credit for interest on early payments - amount of interest Inform the relevant field with the amount of interest expenses within Australia. An amount of interest may not be an allowable deduction – for example, where the thin capitalisation provisions disallow an interest deduction. Include the amount of interest not allowable at Non-deductible expenses. Distributions from a non-share equity interest are not deductible. For information on thin capitalisation, see the ATO website www.ato.govau. Interest expenses within Australia Inform the relevant field with the amount of interest expenses overseas. An amount of tax – withholding tax – is generally withheld from interest paid or payable to non-residents and to overseas branches of residents, and must be remitted to the Tax Office. If you have withheld amounts from payments to non-residents you may need to lodge a 'PAYG withholding from interest, dividend and royalty payments paid to non-residents – annual report' by 31 October of lodgment year. An amount of interest may not be an allowable deduction – for example, where the thin capitalisation provisions disallow an interest deduction. Include the amount of interest not allowable at Non-deductible expenses. For information on thin capitalisation, see the ATO website www.ato.gov.au Distributions from a non-share equity interest are not deductible. See the ATO website - Debt and equity tests: guide to the debt and equity tests, for an overview and explanation of what a non-share equity interest is. If an amount (greater than zero) is entered, then complete an International Dealings Schedule. Interest expenses overseas Inform the relevant field with the amount of purchases and other costs. FORMER STS TAXPAYERS - If the company is eligible and continuing to use the STS accounting method, only write at Purchases and other costs the costs that the company has paid. Purchases and other costs Inform the relevant field with the amount of gross interest. Show at Information statement- Calculation of total profit or loss- Income- Gross interest the total interest from all sources including interest received from or credited by an associate. The amount at this label cannot be a loss. Gross interest Inform the relevant field with the amount of other sales of goods and services. Do not include in this field: - any payments where tax has been withheld for failure to quote an ABN. Include these amounts at Gross payments where ABN not quoted - any amounts subject to foreign resident withholding Include these amounts at Gross payments subject to foreign resident withholding - sales of shares and land that are not held as trading stock for income tax purposes. Other sales of goods and services Inform the relevant field with the total deductions for decline in value of intangible depreciating assets used in exploration or prospecting. Total deduction for decline in value of intangible depreciating assets used in exploration or prospecting Inform the relevant field with the amount of intangible depreciating assets first deducted. If the Company is using the small business entity simplified depreciation rules, do not include an amount at this label. Otherwise, this is the cost of all intangible depreciating assets for which the Company is claiming a deduction for decline in value for the first time. If the Company has allocated any intangible depreciating assets with a cost of less than $1,000 to a low-value pool for the income year, also include the cost of those assets at this label. Do not include expenditure on in-house software which has been allocated to a software development pool at this label. For further information on completing this label where the Company is the head company of an income tax consolidated group or MEC group, or is a company that was a subsidiary member of a consolidated or MEC group for part of the income year and is completing a tax return because of any non-membership periods, see the Tax Office publication Company tax return instructions. Intangible depreciating assets first deducted Inform the relevant field with the total deductions for decline in value of depreciating assets used in exploration or prospecting, excluding intangible depreciating assets. Total deduction for decline in value of other depreciating assets used in exploration or prospecting Inform the relevant field with the amount of other depreciating assets first deducted. If the Company is using the small business entity simplified depreciation rules, do not include an amount at this label. Otherwise, this is the cost of all depreciating assets (other than intangible depreciating assets) for which the Company is claiming a deduction for the decline in value for the first time. If the Company has allocated any assets (other than intangible depreciating assets) with a cost of less than $1,000 to a low-value pool for the income year, also include the cost of those assets at this label. For further information on completing this label where the Company is the head company of an income tax consolidated group or MEC group, or is a company that was a subsidiary member of a consolidated or MEC group for part of the income year and is completing a tax return because of any non-membership periods, see the Tax Office publication Company tax return instructions. Other depreciating assets first deducted Inform the relevant field with the total of any amounts allocated to a project pool for mining capital expenditure or transport capital expenditure incurred this income year. Total mining capital expenditure and/or transport capital that you allocated to a project pool and for which you can claim a deduction this income year Inform the relevant field with fees and charges from assessable income for life insurance companies and friendly societies. This includes premium-based fees, establishment fees, time-based account fees, asset fees, switching fees, surrender penalties, buy–sell margins, exit fees and interest on overdue premiums. Life insurance companies and friendly societies only - Fees and charges Inform the relevant field with the amount of gross taxable contributions from life insurance companies and friendly societies that were transferred to the life insurance company under section 295-260 of the ITAA 1997 and are included in its assessable income under subparagraph 320-15(1)(i). Life insurance companies and friendly societies only - Assessable contributions Inform the relevant field with the amount of taxable income of the complying superannuation class/ FHSA class. Life insurance companies separate their taxable income into classes – the ordinary class and the complying superannuation class/ FHSA class – and multiply the taxable income of each class by the appropriate tax rate to determine their gross tax. Where a life insurance company is an RSA provider and there is no TFN contributions income the tax rate is determined in accordance with section 29 of the Income Tax Rates Act 1986. The taxable incomes of the complying superannuation class/ FHSA class and the ordinary class are worked out separately. Tax losses of one class can only be applied to reduce future income of the same class. If the company is a life insurance company that is not a member of a consolidated group and has complying superannuation class tax losses carried forward to later income years or virtual PST net capital losses carried forward to later income years, complete a Losses schedule. The head company of a consolidated or MEC group that has one or more subsidiary members that are life insurance companies at any time during the income year is also taken to be a life insurance company for the purposes of applying the income tax law. If the head company has tax losses of the complying superannuation class/ FHSA class or net capital losses from virtual PST assets carried forward to later income years, it will need to complete a Consolidated groups losses schedule. Life insurance companies and friendly societies only - Complying superannuation/FHSA Class Inform the relevant field with the amount of attributed foreign income from listed country. Do not include amounts attributed from transferor trusts. A losses schedule may be required to be completed and returned to the ATO. For more information on the calculation of the amounts of this label, refer to "Foreign income return form guide" on the ATO website Attributed foreign income - Listed country Inform the relevant field with the amount of attributed income from section 404 country. Do not include amounts attributed from transferor trusts. A losses schedule may be required to be completed and returned to the ATO. Attributed foreign income - Section 404 country Inform the relevant field with the amount of attributed foreign income from unlisted country. Do not include amounts attributed from section 404 countries or transferor trusts. A losses schedule may be required to be completed and returned to the ATO. For more information on the calculation of the amounts of this label, refer to "Foreign income return form guide" on the ATO website Attributed foreign income - Unlisted country The amount of a corporate tax entity is entitled to a tax offset for an income year for which it satisfies the residency requirement and at least one of the following applies: - the entity has incurred a liability to pay FDT in that year - the entity has carried forward an amount of excess FDT offset that was unable to be applied against an income tax liability in a previous income year, or - the entity incurred a liability to pay FDT in a previous income year when it did not meet the residency requirement, and was therefore not entitled to an FDT offset for that income year. At the end of an income year, a corporate tax entity that has a deficit balance in their franking account is liable to pay franking deficit tax (FDT). Need to check this information is correct Foreign income tax offset Inform the relevant field with the amount of superannuation expenses. Employers are entitled to a deduction for contributions made to a complying superannuation, provident, benefit or retirement fund, or retirement savings account (RSA), if the contribution is to provide superannuation benefits for employees or to provide benefits to an employee’s dependants on the employee’s death. Superannuation benefits mean payments for superannuation member benefits or superannuation death benefits. Please refer to the Employer guide for reportable employer super contributions, available on www.ato.gov.au Superannuation expenses Inform the relevant field with the amount of landcare operations and deduction for decline in value of water facility. Can claim a deduction for the decline in value of a water facility in equal instalments over three years. The Company's total deductions for landcare operation expenses and for the decline in value of water facilities. The Company can claim a deduction in the year it incurs capital expenditure on a landcare operation for land in Australia. Unless the Company is a rural land irrigation water provider, the deduction is available to the extent the Company uses the land for either a primary production business, or in the case of rural land, carrying on a business for a taxable purpose from the use of that land – except a business of mining or quarrying. The Company may claim the deduction even if it is only a lessee of the land. The deduction is also available to rural land irrigation water providers – that is, to entities whose business is primarily and principally the supply of water (other than by using a motor vehicle) to entities for use in primary production businesses on land in Australia or to businesses (other than mining or quarrying businesses) using rural land in Australia. If the Company is a rural land irrigation water provider, it can claim a deduction for capital expenditure it incurs on a landcare operation for land in Australia that other entities – being entities supplied with water by the company – use at the time for carrying on primary production businesses, or rural land in Australia that other entities – being entities supplied with water by the company – use at the time for carrying on businesses for a taxable purpose from the use of that land (except a business of mining or quarrying). A rural land irrigation water provider’s deduction is reduced by a reasonable amount to reflect an entity’s use of the land for other than a taxable purpose after the water provider incurred the expenditure. A deduction cannot be claimed if the capital expenditure is on plant unless it is on certain fences, dams or other structural improvements. The Company can claim a deduction for the decline in value of a water facility in equal instalments over three years. A water facility is plant or a structural improvement that is primarily or principally for the purpose of conserving or conveying water, or a structural improvement that is reasonably incidental to conserving or conveying water. It also includes a repair of a capital nature, or an alteration, addition or extension, to that plant or structural improvement. Unless the Company is an irrigation water provider, the expenditure must be incurred by the company primarily and principally for conserving or conveying water for use in its primary production business on land in Australia. The Company may claim the deduction even if it is only a lessee of the land. The deduction is reduced if the facility is not wholly used for either carrying on a primary production business on land in Australia, or a taxable purpose. The deduction for water facilities is also available to irrigation water providers – that is, to entities whose business is primarily and principally the supply (other than by using a motor vehicle) of water to other entities for use in a primary production business on land in Australia. If the company is an irrigation water provider, it must incur the expenditure on the water facility primarily and principally for conserving or conveying water for use in primary production businesses conducted by other entities on land in Australia – being entities supplied with water by the Company. The Company’s deduction is reduced if the water facility is not wholly used for a taxable purpose. Landcare operations and deduction for decline in value of water facility If you are a financial service provider you may need to complete the International dealings schedule- financial services. Inform the relevant field with the amount of offshore banking unit adjustment. To get the effective 10% tax rate on offshore banking (OB) activity income, section 121EG of Income Tax Assessment Act 1936 reduces the assessable income and allowable deductions from OB activities so that an OBU’s taxable income includes only the ‘eligible fraction’, currently 10/30, of its net income from OB activities. Calculation of the offshore banking unit adjustment ensures that the net income from OB activities is taxed at an effective tax rate of 10%. Show at Offshore banking unit adjustment the difference between the OB’s net income from OB activities and the net income from OB activities multiplied by the eligible fraction: Offshore banking unit adjustment = Net OB income – (net OB income x eligible fraction). Offshore banking unit adjustment Inform the relevant field with the amount of non-refundable R&D tax offset. Include this amount plus the Non-refundable R&D tax offset carried forward from previous year at label 'Non-refundable carry forward tax offsets' in the calculation statement Non-refundable R&D tax offset Inform the relevant field with the amount of non-refundable R&D tax offset carried forward to next year. This amount is calculated by adding Non-refundable R&D tax offset plus Non-refundable R&D tax offset carried forward from previous year less Non-refundable R&D tax offset to be utilised in the current year Non-refundable R&D tax offset to be carried forward to next year Inform the relevant field with the amount of unused non-refundable R&D tax offset from the previous income year. The sum of this amount and Non-refundable R&D tax offset less Non-refundable R&D tax offset to be utilised in the current year, will be used to calculate Non-refundable R&D tax offset carried forward to next year in the Company tax return Non-refundable R&D tax offset carried forward from previous year Inform the relevant field with the amount of refundable R&D tax offset. Include this amount in label 'Refundable tax offsets' in the calculation statement Refundable R&D tax offset Inform the relevant field with the amount of gross payment where ABN not quoted. Enter the gross payments made to the company that were subject to withholding where an ABN was not quoted. Gross payments include amounts of tax withheld. If an amount entered: - complete a Non-individual PAYG payment summary schedule 2008. - ensure that you enter the corresponding amount of tax withheld at Credit for tax withheld where ABN not quoted in the Calculation statement. Gross payment where ABN not quoted Inform the relevant field with the amount of gross payments subject to foreign resident withholding. Foreign resident withholding applies to payments made to foreign residents where the payment is: - for promoting or organising casino gaming junket activities; - for entertainment or sports activities. The requirement to withhold from payments made to support staff involved in entertainment activities has been removed where the staff are normally resident in countries that have an international tax agreement with Australia, or ; - under contract for the construction, installation and upgrading of buildings, plant and fixtures, and for associated activities. Enter the amount of the gross payments made to the company that were subject to foreign resident withholding. Gross payments include amounts of tax withheld. Do not include amounts subject to foreign resident withholding that were distributed to the company from a partnership or trust. Include these at Gross distribution from partnerships or Gross distribution from trusts labels. If an amount is entered, complete and attach a Non-individual PAYG payment summary schedule 2008. Gross payments subject to foreign resident withholding Inform the relevant field with the amount of payments to associated persons. An associated person is a current or former shareholder or director of the company, or an associate of such a person. Also include the amounts of salaries and wages paid to associated persons at Total salary and wage expenses. Excessive remuneration paid to an associated person may not be deductible and could be treated as an unfranked dividend (see section 109 of the ITAA 1936). Records to establish the reasonableness of remuneration include: - age – if under 18 - hours worked - nature of duties performed - other amounts paid – for example, retiring gratuities, bonuses and commissions - total remuneration. Payments to associated persons Inform the relevant field with the amount of fringe benefit employee contributions. If the company is the head company of a consolidated or MEC group, include all fringe benefit employee contributions received by the head company or by an entity that was a subsidiary member of the group when the contribution was received. Fringe benefit employee contributions Amendment Indicator: Set the field to TRUE if this is an amendment to the current years CTR. Otherwise set the field to FALSE. Amendment Indicator The reason provided by the user for the lodgement of an amendment. Amendment Reason The order in which amendments need to be submitted for CTR. Amendment sequence number Identifies if the lodgment of the amendment is due to an ATO error or a taxpayer error. Amendment type code Include in this label the total instalment amount either: - the amount(s) of Income Tax Instalment Australian Taxation Office Provided Annual Amount on the company’s quarterly activity statements or - the amount(s) of Income Tax Instalment Australian Taxation Office Provided Annual Amount on its annual instalment activity statement (if it used the instalment amount(s) worked out by the Tax Office which it did not vary) or - the amount(s) the company reported at Income Tax Instalment Summary Pay As You Go Payable Amount on its activity statement(s), reduced by any credit(s) it claimed for Income Tax Instalment Summary Pay As You Go Refundable Amount. To ensure the company receives the correct amount of credit for its PAYG instalments, make sure all of its activity statements are lodged before its income tax return is lodged. Lodge any outstanding activity statements even if the company has paid the instalments or had nothing to pay. The company is entitled to a credit for its PAYG instalments even if it has not actually paid a particular instalment. However, the company will be liable for the general interest charge on any outstanding instalment for the period from the due date for the instalment until the date it is fully paid. This label is only to be used for the quarterly or annual instalments raised during the financial year. The amount recorded at the label must not include ‘wash up’ or residual payments. A head company is entitled to claim credit for its own instalments plus any subsidiary member’s instalments that are attributable to the period the subsidiary was a member of the consolidated or MEC group during the head company’s income year. If a subsidiary was a member of a particular consolidated or MEC group for only part of the head company’s income year, the head company can claim an amount of instalment credit that can be reasonably attributed to the period the subsidiary member was part of the head company’s consolidated or MEC group. This element is the total amount of instalments as above for the head company and those claimed for subsidiary members. Instalment credits belonging to a subsidiary member not attributable to and claimed by a head company may be claimed by the subsidiary member against its assessment. PAYG instalments raised Inform the relevant field with the amount of tax losses transferred in (from or to: a foreign bank branch or a PE of a foreign financial entity). The amount of tax losses transferred to the company from group companies under Subdivision 170-A of the ITAA 1997. A group company may transfer the whole or part of a tax loss to another company where: - both companies are members of the same wholly owned group, and - one of the companies is - an Australian branch of a foreign bank, or - an Australian PE of a foreign financial entity if the tax loss is for an income year commencing on or after June 2005, and - the other company is - the head company of a consolidated or MEC group, or - not a member of a consolidatable group, and - further conditions In Subdivisions 170-A of the ITAA 1997 are satisfied. The tax loss transferred to the income company is deductible to the income company in accordance with the provisions of the section 36-17 of the ITAA 1997. For example, the tax loss transferred to the income company is first offset against the income company's net exempt income, then against its assessable income. - Tax losses transferred cannot be used to create a tax loss. - The Commissioner has power in certain circumstances to amend assessments to disallow a deduction for an amount of transferred tax loss despite section 170 - see section 170-70 of the ITAA 1997. Consolidated groups tax losses cannot be transferred to a head company from subsidiary companies under Subdivision 170-A if the ITAA 1997 when consolidation occurs part way through the head company's income year. Therefore, Tax losses transferred in (from or to: a foreign bank branch or a PE of a foreign financial entity ) is not applicable in this circumstance. Do not show tax losses transferred from subsidiary companies under Subdivision 707-A if the ATAA 1997. These losses should be shown in the consolidated groups losses schedule for the year. Tax losses transferred in (from or to: a foreign bank branch or a PE of a foreign financial entity) Company must enter ‘Y’ where subject to Division 230. Indicator set to NULL when ‘Y’ not entered Did you make a gain, loss or balancing adjustment from a financial arrangement subject to the TOFA rules? Please refer to the Company tax rates page for more details for the relevant year's rates, available on www.ato.gov.au Gross tax Inform the relevant field with the amount of tax payable. This element is calculated as follows: Tax assessed minus (Foreign income tax offsets plus Franking deficit tax). The amount of Foreign income tax offsets plus Franking deficit tax must be less than or equal to the amount at tax assessed Tax payable cannot be a negative amount. Tax payable Total amount of tax payable (+) or refundable (-): Enter the balance of tax payable or refundable as indicated on the tax return. The amount at total amount of tax payable or refundable does not take into account any interim or voluntary payments that the fund has made against its income tax liability for the income year. If the fund has made such payments, take these into account in calculating the final payment, but do not enter the amounts on this tax return. Amount due or refundable. Retirement savings accounts - Income tax payable on no-TFN contributions income Non-refundable non-carry forward tax offsets Inform the relevant field with amount of refundable tax offsets. Refundable R&D (Research and Development) , Loss carry back and Conservation tillage tax offset can be claimed in this field. Refundable tax offsets Tax Offset Refunds: Enter the remaining amount (if any) of refundable tax offsets from the item Refundable tax offsets, or enter zero if there are no remaining refundable tax offsets. This is the excess amount of the item Refundable tax offsets that was not able to be offset against the item Subtotal which is available to be refunded to you. Tax offset refunds Tax on taxable income Inform the relevant field with the amount of tax losses deducted. Include at this label only those tax losses of prior income years that are deducted in respect of the current income year under section 36-17 of the Income Tax Assessment Act 1997. Subject to various rules, prior year tax losses are deducted in respect of a later income year(s) in the order in which they were incurred, to the extent that they have not already been deducted. Tax losses deducted Inform the relevant field with the amount of franking credits attached to assessable distributions received from Australian corporate tax entities. Do NOT include franking credits attached to: - a distribution that is exempt income or non-assessable non-exempt income - franked distributions received from a New Zealand franking company (include these at Information statement- Reconciliation to taxable income or loss- Australian franking credits from a New Zealand company), or - a distribution where the shares are not held at risk as required under the holding period and related payments rules, or there is other manipulation of the imputation system. There is no entitlement to a franking tax offset. For most companies, the amount of franking credits included in this field is allowable as a tax offset and should be claimed at 'Rebates/tax offsets' in the Calculation statement. If the company is a life insurance company or organisation entitled to claim a refund of excess franking credits, claim the refundable amount at 'Other refundable credits' in the Calculation statement. Franking credits Inform the relevant field with any amounts of Australian franking credits from a New Zealand company that are included in assessable income because of a franked distribution paid to the company by a New Zealand company or because of its receipt indirectly through a partnership or trust. To work out whether the distribution is included in assessable income, see the Foreign income return form guide. To calculate the amount to show at Australian franking credits from a New Zealand company, the Australian franking credits received directly or indirectly from a New Zealand company must be reduced by the amount of a supplementary dividend or the company’s share of a supplementary dividend if: - the supplementary dividend is paid in connection with the franked distribution, and - the company is entitled to a foreign tax offset because of the inclusion of the distribution in assessable income. For most companies the amount of Australian franking credits included at Australian franking credits from a New Zealand company, is allowable as a tax offset and should be claimed in the Calculation statement at Rebates/tax offsets. If the company is a life insurance company or organisation entitled to claim a refund of excess franking credits, claim the refundable amount in the Calculation statement at Other refundable credits. NOTE A dividend from a New Zealand franking company may also carry New Zealand imputation credits. An Australian resident cannot claim any New Zealand imputation credits. Australian franking credits from a New Zealand company This field is calculated by aggregating the amounts of the company’s share of credit from a partnership or trust for tax withheld where an ABN was not quoted, the company’s share of credit for tax paid by a trustee on net income, the refundable amount of franking tax offsets (including venture capital franking tax offsets and franking tax offsets arising from Australian franking credits attached to a dividend received from a New Zealand company) to the extent they relate to franked distributions paid on equity interests held on behalf of policy holders (for life insurance companies), franking credits for endorsed income tax exempt charities and deductible gift recipients entitled to claim a refund of excess franking credits (these entities may complete the Application for refund of franking credits – Endorsed income tax exempt entities and deductible gift recipients rather than the company tax return to obtain a refund), any refundable amounts of the film tax offsets under Division 376 of the ITAA 1997. Do not include the following credits in this element: Foreign tax credits in the Calculation statement or any amounts that relate to PAYG instalments . Other Credits Pay As You Go Type - foreign resident withholding Pay As You Go Type - ABN not quoted This element is calculated by the aggregate amount of any amounts withheld from investments. Tax withheld from interest/investments Inform the relevant field with the amount of credit for tax withheld in relation to foreign resident withholding. These payments are currently: - payments for promoting or operating casino gaming junkets - payments for entertainment and sports activities, and - payments under contract for the construction, installation and upgrading of buildings, plants and fixtures and for associated activities. If an amount of tax withheld is shown at this label, ensure that you include the corresponding gross payment at Income - Gross payments subject to foreign resident withholding, the amount corresponding Gross distribution from partnerships or Gross distribution from trusts. Income tax: withholding on payments to foreign residents for works and related activities Taxation Ruling Act TR 2006/12 Credit for tax withheld - foreign resident withholding This amount equals the sum of the amounts of tax withheld on all the relevant Non-individual PAYG payment summaries. Do not include any share of tax withheld from a partnership or trust distribution where an ABN was not quoted. This amount is to be returned at Other refundable credits. If an amount of tax withheld is reported at this label, declare the corresponding gross payment at Income -Gross payments where ABN not quoted. Credit for Tax withheld where ABN not quoted This amount equals the sum of the amounts of tax withheld on all the relevant Non-individual PAYG payment summaries where a TFN was not quoted from closely held trusts. If an amount of tax withheld is reported at this label, declare the corresponding gross payment at Income -Gross payments whereTFN not quoted. Credit for TFN amounts withheld from payments from closely held trusts Eligible Credits Respond in the affirmative if the company had a Capital Gains Tax (CGT) event happen during the income year, or if the company received a amount of a capital gain from a trust. CGT events are the different types of transactions or events that may result in a capital gain or capital loss. Many CGT events involve a CGT asset – for example, the disposal of a CGT asset – while other CGT events relate directly to capital receipts (capital proceeds). An Australian resident company makes a capital gain or capital loss if a CGT event happens to any of its worldwide CGT assets. A company that is not an Australian resident company makes a capital gain or capital loss, generally speaking, if a CGT event happens to any of its CGT assets which have the necessary connection with Australia just before the CGT event happens. If the company ceases to hold or to use a depreciating asset that was used for both taxable and non-taxable purposes, a CGT event may happen to the asset. A capital gain or capital loss may arise to the extent that the asset was used for a non-taxable purpose. For more information about CGT events, see the ATO website. The Guide to capital gains tax includes: - a capital gain or capital loss worksheet for calculating a capital gain or capital loss for each CGT event - a CGT summary worksheet for calculating the company’s net capital gain or capital loss - a CGT schedule. Completion of the worksheets is not mandatory. Do not attach them to the company tax return – keep them with the company’s tax records. However, if the company has: - total current year capital gains are greater than $10,000, or - total current year capital losses are year greater than $10,000 complete a CGT schedule and attach it to the company tax return Did you have a CGT event during the year? Inform the relevant field with the Interposed Entity Election Status - Specified Income Year If the company has made, or is making, one or more interposed entity elections, enter the four-digit income year specified of the earliest election. Interposed Entity Election Status - Specified Income Year Inform the relevant field with the amount of the unapplied - that is, undeducted or not transferred - amount of tax losses incurred by the company and carried forward to a later income year. Any company that is a subsidiary member of a consolidated group at the end of the income year is not required to complete Losses Information item. Other companies, including the head company of a consolidated group at the end of the income year, may need to complete Losses Information item. Net exempt income (if any) must be taken into account in calculating the amount of tax losses carried forward to a later income year – see sections 36-10 and 36-17 of the ITAA 1997. If the company is a designated infrastructure entity, ensure the amount of the uplift of tax losses is included in tax losses carried forward to later income years. If the company has claimed a loss carry back tax offset, ensure the amount of tax losses chosen to be carried back is not included in tax losses carried forward to later income years. Tax losses carried forward may be affected by the commercial debt forgiveness provisions. Under sections 36-17 and 36-55 of the ITAA 1997 a company is: - subject to certain limitations, able to choose the amount of prior year tax losses it wishes to deduct in a later year of income from the excess (if any) of its assessable income over total deductions (other than tax losses). Providing choice means that companies can choose not to deduct prior year losses in order to pay sufficient tax to be able to frank their distributions - able, in certain circumstances, to convert excess franking offsets into a tax loss for the income year and carry forward the tax loss for consideration as a deduction in a later income year. If the company has excess franking offsets at Excess franking offsets , calculate the company’s tax loss for the income year under the method statement in subsection 36-55(2) of the ITAA 1997 as follows: Step 1. Work out the amount (if any) that would have been the company’s tax loss for the year under section 36-10, 165-70, 175-35 or 701-30 of the ITAA 1997, disregarding any net exempt income. Step 2. Divide the amount of excess franking offsets by the corporate tax rate. Step 3. Add the result of steps 1 and 2. Step 4. Take away the company’s net exempt income (if any). The result (if a positive amount) is the company’s tax loss for the income year. Include this amount in this field with any unapplied prior year(s) tax loss(es). If a company is required to complete a Losses schedule, the amount of the tax losses carried forward to later income years in part A of that schedule must be the same as the amount shown in this field. Do not include any net capital losses to be carried forward to later income years – inform these separately at Net capital losses carried forward to later income years and in the CGT schedule, if a CGT schedule is required. If a head company is required to complete a Consolidated groups losses schedule, the amount of the tax losses shown at Tax losses carried forward to later income years in part A of that schedule must also be the same as the amount shown in this field. If the company is a subsidiary member of a consolidated group at the end of the income year, this field is not applicable. Tax losses carried forward to later income years Inform the relevant field with the amount of net capital losses carried forward to later income years. This information is calculated or transferred from: - the CGT summary worksheet, or - the CGT schedule, if a CGT schedule is required. For more information, see Guide to capital gains tax. If the company is required to complete a Losses schedule, the amount of the tax losses shown at Net capital losses carried forward to later income years in that schedule must also be the same as the amount shown at this label on the company tax return. If a head company is required to complete a Consolidated groups losses schedule, the amount of the net capital losses shown at ‘Total Net capital losses carried forward to later income years’ in part A of that schedule must also be the same as the amount shown in this field. If the company is a subsidiary member of a consolidated group at the end of the income year, this field is not applicable. Net capital losses carried forward to later income years An interposed entity election can only be revoked by a company that satisfies all of the relevant conditions in subsection 272-85 of Schedule 2F to the ITAA 1936. Set this field to "R" if the interposed entity election made by the company is being revoked from a time in the income year. An Interposed entity election or revocation must be completed and lodged with the Company tax return. R = Revoked, Blank Interposed Entity Election Revocation Code Inform the relevant field with the appropriate action code if applicable for trading stock election. The value that is elected must be reasonable. If an election is made, inform "Y" for yes in this field, otherwise leave blank. Trading stock election This label is the total amounts of any section 102AAM interest relating to a distribution received from a non-resident trust. Section 102AAM of the Income Tax Assessment Act 1936 imposes an interest charge on certain distributions from non-resident trusts. Section 102AAM Interest Charge Refer to Tax havens and tax administration on the ATO website for the current listing countries. Transactions with specified countries Inform the relevant field with the amount of attributed foreign income from transferor trusts. A losses schedule may be required to be completed and returned to the ATO. For more information on the calculation of the amounts of this label, refer to "Foreign income return form guide" on the ATO website Attributed foreign income - Transferor trust Inform the relevant field with an appropriate code at Information statement- Financial and other information- Loans to shareholders and their associates in respect to the loans. A - All loans were made on or after 4 December 1997. B - All loans were made before 4 December 1997 M - Some loans were made before 4 December 1997 and some loans were made on or after 4 December 1997. or leave blank. Under Division 7A of Part III of the ITAA 1936, loans by a private company to a shareholder or associates of a shareholder - unless they come within specified exclusions - are treated as assessable dividends to the extent of the distributable surplus including realised and unrealised profit. Advances or loans to shareholders or associates may represent a distribution of profits and may be assessed to the recipient as unfranked dividends. A loan made in the income year by a private company to a shareholder (or associate of a shareholder) may be repaid or put on a commercial footing, before the earlier of the due date for lodgment or the date of lodgment of the private company’s income tax return for the year in which the loan is made, in order to prevent the loan from being treated as a deemed dividend. This includes closely held corporate limited partnerships. Loans to shareholders action code Inform the relevant field with the amount of commercial debt forgiveness. The net amount of commercial debts forgiven must be applied to reduce the company’s deductible revenue losses, net capital losses, certain undeducted revenue or capital expenditure and the cost base of certain CGT assets, in that order. Calculate the net forgiven amount as follows: 1. Determine the notional value of the debt. In the general case, this is the lesser of -the value of the debt at the time of forgiveness (assuming the company was solvent at that time and the time the debt was incurred), and - the value of the debt at the time of forgiveness (assuming solvency as above and no changes in market variables) plus any amounts that are allowable as deductions as a result of the debt forgiveness and that are attributable to market movements that occurred while the debt was held. Special rules apply in calculating the notional value of non-recourse debt and in respect of debt parking circumstances. 2. Calculate the gross forgiven amount of the debt by deducting from the notional value of the debt any amount of consideration provided in respect of the forgiveness. This consideration normally is the sum of the amounts of money the company is required to pay in respect of the forgiveness or, if property is required to be given, the market value of the property. Special rules apply in determining the consideration given for the forgiveness if a debt is forgiven in exchange for shares, if there are debt parking circumstances, or if money or property is applied for the benefit or at the direction of the creditor - see sections 245-65 and 245-70 of Schedule 2C to the ITAA 1936. Commercial debt forgiveness Inform the relevant field with the amount of total debt. Calculate the average total debt by adding the opening and closing balances of the total debt of the company for the income year, and dividing this sum by 2. The total debt of a company includes all financial instruments and arrangements that were used by the company to provide funds for their operations and investments. The instruments and arrangements that are shown in this field include all loans, securities and instruments that give rise to deductible finance expenses, which include any of the following: - interest, a payment in the nature of interest, or a payment in substitution for interest - payments made for assignment(s) of the right to interest - a discount on a security in relation to a finance arrangement - an amount that is taken under a tax law to be an amount of interest in respect of a lease, a hire purchase arrangement or any other financial instrument specified by that law - any application or processing fee in respect of a finance arrangement - any finance expense in respect of a repurchase agreement or securities lending arrangement - any other form of yield associated with a finance arrangement - any such amount that, instead of being paid to a party to the arrangement, is dealt with in any way on behalf of that party. Total debt Inform 1 if the company was a head company of a consolidated or MEC group at any time during the income year. Inform 2, if the company was a subsidiary member of a consolidated or MEC group at any time during the income year. If neither applies, leave this field blank. Status of Company - Consolidated group status Set this field to one of the values in the enumeration values list. Status of Company - Company type Set this field to one of the possible enumerated values. If the gross distribution amount is from more than one type of trust, inform the code that represents the trust for the greatest amount of income. If the type of trust making the distribution is unknown, contact the trustee of that trust. Gross distribution from trusts action code Schedule A Inform the relevant field with the amount of deduction for decline in value of most depreciating assets. If the Company is not a small business entity using the simplified depreciation rules, write the deduction for decline in value of most depreciating assets held by the Company in the income year. If the Company has allocated depreciating assets to a low-value pool, include the deduction for decline in value of those assets. This label does not include the deduction for decline in value of R&D depreciating assets subject to the R&D tax concession, or the decline in value of water facilities. Deduction for decline in value of depreciating assets Set this field to one of the possible enumerated values. Valid values are: R - Demerger roll-over = Demerger rollover Subdivision 125B S - Same asset roll-overs = Same asset rollovers Division 126 P - Exchange of units in a unit trust for shares in a company = Exchange of units in a unit trust for shares in a company Subdivision 124H O - Exchange of shares in one company for shares in another company = Exchange of shares in one company for shares in another company Subdivision 124G J - Capital gains disregarded as a result of the sale of a pre-CGT asset = Capital gains disregarded as a result of the sale of a preCGT asset B - Small business retirement exemption = Small business retirement exemption Subdivision152D K - Disposal or creation of assets in a wholly-owned company = Disposal or creation of assets in a wholly owned company Division 122 A - Small business active asset reduction = Small business active asset reduction Subdivision 152C D - Small business 15 year exemption = Small business 15 year exemption Subdivision152B M - Exchange of shares or units = Exchange of shares or units Subdivision 124E G - Inter-company roll-over = Intercompany rollover Subdivision 126B E - Foreign resident CGT exemption = Foreign resident CGT exemption Division 855 F - Scrip for scrip roll-over = Scrip for scrip rollover Subdivision 124M H - Demerger exemption = Demerger exemption Subdivision 125C X - Other exemptions and roll-overs = Other exemptions and rollovers C - Small business roll-over = Small business rollover Subdivision 152E N - Exchange of rights or options = Exchange of rights or options Subdivision 124F L - Replacement asset roll-overs = Replacement asset rollovers Division 124 Exemption or rollover code Set the field to TRUE if a Capital Gains Tax exemption or rollover has been applied. Otherwise set the field to FALSE. Have you applied an exemption or rollover? Inform the relevant field with the cost of anything produced, manufactured, acquired or purchased for manufacture, sale or exchange in deriving the gross proceeds or earnings of the business. This includes freight inwards and may include some external labour costs, if these are included in the cost of sales account in the normal accounting procedure of the business. This field can be a negative number which indicate a negative expense. Do not include input tax credit entitlements in cost of sales. Cost of sales Inform the relevant field with the amount of assessable government industry payments. This generally includes payments of a capital nature. However, payments relating to the commencement or cessation of a business may not be assessable income but may give rise to a capital gain. Show in this field all assessable government industry payments including: bounties, cleaner fuel grants, fuel grant under the energy grants credits scheme, fuel sales grant, product stewardship (oil) benefit, employee subsidies, export incentive grants, drought relief, industry assistance grants including grants relating to research and development, producers rebate (wine equalisation tax), product stewardship (oil) benefit. Assessable government industry payments Inform the relevant field with the appropriate assessable government industry payments action code. Set this field to "D" if the amount of Assessable government industry payments includes fuel tax credits or a fuel grant under the energy grants credits scheme, a cleaner fuel grant or a product stewardship (oil) benefit. Assessable government industry payments action code Inform the relevant field with the percentage of foreign shareholding. Examine the top 10 shareholders of the company at the end of the income year. From these top 10 shareholders, identify the foreign shareholders and aggregate their percentage of shareholding held in the company. Inform this percentage in whole numbers at this field. If this aggregate percentage is less than 10%, disregard this field. For the purpose of this field, a foreign shareholder includes, but is not limited to, a shareholder: - whose address in the share register is shown as being outside Australia - that has directed that their dividends be paid at a place outside Australia - that is a company not incorporated in Australia - that is a company that does not have an Australian company number (ACN). Percentage of foreign shareholding Inform the relevant field with the amount of bad debts. There are two methods to account for bad debt: Direct write off method (Non - GAAP) - A receivable which is not considered collectible is charged directly to the income statement. Allowance method (GAAP) - An estimate is made at the end of each fiscal year of the amount of bad debt. This is then accumulated in a provision which is then used to reduce specific receivable accounts as and when necessary. Include recovery of bad debts at Other gross income. A deduction for bad debts is not allowable unless the debt that is bad has previously been included in assessable income, or is for money lent in the ordinary course of the business of lending money by a company carrying on that business. Do not include accounting provisions for doubtful debts at this field, but at all other expenses and add them back at Non-deductible expenses. Before a bad debt can be claimed, it must be bad and not merely doubtful. The deduction depends on the facts in each case and, where applicable, the action taken for recovery. A deduction can also be claimed for: - partial debt write-offs where only part of a debt is bad and is written off - losses incurred in debt and equity swaps for debt extinguished after 26 February 1992 if the legal provisions are satisfied. Under these provisions, a deduction may be allowable for the difference between the amount of the debt extinguished and the greater of the market value of the equity or the value at which the equity is recorded in the creditor’s books at the time of issue. The market value of the equity is the price quoted on the stock exchange or, if the equity is not listed, the net asset backing of the equity. If the taxpayer is not in the business of lending money, the deduction is limited to the amount of the debt included in assessable income. A deduction for a bad debt or loss on a debt and equity swap is only allowable if the company claiming the deduction satisfies: - a continuity of ownership test (or we consider it unreasonable to have to satisfy the test), or - the same business test (if the continuity of ownership test is not satisfied or it is not practicable to show that it is). Where a debt was incurred in an income year prior to that in which it is written off as bad, the company must satisfy the continuity of ownership test at all times from the date on which the debt was incurred through to the end of the income year in which it writes off the debt. Where a debt was both incurred and written off as bad in the same income year, the company must satisfy the continuity of ownership test at all times during that income year. A company cannot deduct a debt that is both incurred and written off as bad on the last day of the income year. Deductions for bad debts may also be reduced by the commercial debt forgiveness provisions. Special rules apply to determine if the head company of a consolidated or MEC group can deduct a bad debt that for a period has been owed to a member of a consolidated or MEC group and for another period has been owed to an entity that was not a member of that group. Bad debts Inform the relevant field with the amount of lease expenses within Australia. Do not include the expenditure at this field if it is incurred under a hire purchase agreement. Do not include the cost of leasing real estate or the capital expenditure incurred to terminate a lease or licence. However, ITAA 1997 provides a five-year straight-line write-off for certain capital expenditure incurred to terminate an operating lease or licence if the expenditure is incurred in the course of carrying on a business or in connection with ceasing to carry on a business. Include the allowable deduction at Other deductible expenses. See fact sheet Blackhole expenditure: business related expenses - ATO website www.ato.gov.au. Lease expenses within Australia Inform the relevant field with the amount of lease expenses overseas. However, do not include the expenditure if it is incurred under a hire purchase agreement. Such expenses are to do with decline in value at Deduction for decline in value of depreciating assets and the interest component at Other deductible expenses. Exclude the cost of leasing real estate, capital expenditure incurred to terminate a lease or licence, and expenditure on items other than depreciating assets leased from non-residents. See fact sheet Blackhole expenditure: business related expenses - ATO website www.ato.gov.au. Lease expenses overseas Inform the relevant field with the amount of motor vehicle expenses. Do not include these expenses items: - Lease expenses within Australia - Lease expenses overseas - Interest expenses within Australia - Interest expenses overseas - Depreciation expenses. Motor vehicle expenses Inform the relevant field with the amount of rent expenses. Show the expenditure incurred as a tenant on rental of land and buildings used in the production of income. Rent expenses Inform the relevant field with the amount of repairs and maintenance. If the company has any item of a capital nature at this field, add it back at Non-deductible expenses. Provided it is not expenditure of a capital nature, the company may deduct the cost of repairs to property, plant, machinery or equipment used for producing assessable income or in carrying on a business for that purpose. Expenditure on repairs to property used partially for business or income-producing purposes – for example, where the property is also used for private purposes, or in the production of exempt income – is deductible only to the extent that is reasonable in the circumstances. If items are newly acquired, including by way of a legacy or gift, the cost of remedying defects in existence at the time of acquisition is generally of a capital nature. Expenditure incurred in making alterations, additions or improvements is of a capital nature and is not deductible when incurred. However, it may be subject to depreciation under the UCA or another capital allowance regime. For more information on deductions for repairs, see the ATO website for Taxation Ruling TR 97/23 - Income tax: deductions for repairs. Repairs and maintenance Inform the relevant field with the amount of royalty expenses within Australia. Keep a record of the following: - name and address of recipient(s) - amounts paid - nature of the benefit derived – for example, a copy of the royalty agreement - details of amounts withheld, where applicable, and the date on which they were remitted to the Tax Office. Royalty expenses within Australia Inform the relevant field with the amount of royalty expenses overseas. Show the royalty expenses incurred during the income year to non-residents, also include payments to branches of Australian residents. An amount of tax - withholding tax - is generally withheld from royalties paid or payable to non-residents and to overseas branches of residents, and must be remitted to the Tax Office. Keep a record of the following: - name and address of recipient(s) - amounts paid or credited - nature of the benefit derived – for example, a copy of the royalty agreement - details of tax withheld, where applicable, and the date on which it was remitted to the Tax Office. If an amount (greater than zero) is entered, then complete an International Dealings Schedule. Royalty expenses overseas Inform the relevant field with the amount of total liabilities. If the company was a subsidiary member of a consolidated or MEC group at the end of the income year and is completing a tax return because of any non-membership periods, inform in this field the relevant amount as at the end of the latest non-membership period. Also include the amount at label 'All current liabilities'. Total liabilities Inform the relevant field with the amount for total assets. For a consolidated or MEC group include all the assets of the group as disclosed in the financial accounts and not the amounts that are calculated by way of the allocable cost amount. If the company was a subsidiary member of a consolidated or MEC group at the end of the income year and is completing a tax return because of any non-membership periods, inform in this label the relevant amount as at the end of the latest non-membership period. Total assets Inform the relevant field with the total amount for trade debtors. Also include this amount at label ' All current assets' . If the company was a subsidiary member of a consolidated or MEC group at the end of the income year and is completing a tax return because of any non-membership periods, inform in this field the relevant amount as at the end of the latest non-membership period. Trade debtors Taxpayers (if applicable) must enter a whole $ amount to allow the Commissioner to perform the appropriate calculation of PAYG instalment income TOFA Expenses from financial arrangements The entity types that you may have an interest in are- a foreign trust, foreign company, controlled foreign entity and/or transferor trust. Did you have overseas branch operations or a direct or indirect interest in a foreign trust, foreign company. Controlled foreign entity or transferor trust? Inform the relevant field with the amount of franked dividends paid. If a partly franked dividend has been paid during the income year, include the franked portion at label 'Franked dividends paid' and the unfranked portion at label 'Unfranked dividends paid'. Do not include dividends paid by one member to another within a consolidated or MEC group. Franked dividends paid Inform the relevant field with the amount of franking account balance. If there is a deficit balance in the franking account at the end of the income year, the company must lodge a Franking account tax return and pay Franking Deficit Tax(FDT) by the last day of the month following the end of the income year. If the company is a late balancing company that has elected to have its FDT liability determined on 30 June of financial year, it must lodge its franking account tax return on or before 31 July of financial year. If the company is a Pooled Development Fund (PDF) and its venture capital sub-account is in deficit at the end of the PDF’s income year or immediately before it ceases to be a PDF, the company is liable to pay venture capital deficit tax. If the PDF has a liability to venture capital deficit tax, a Venture capital deficit tax return must be lodged. Note: - Shareholder loans and other advances made by private companies that are deemed dividends are not frankable unless a section in the ITAA 1936 or ITAA 1997 provides that the dividend can be franked. For example, where the Commissioner exercises a limited power to permit the deemed dividend to be franked, or where the deemed dividend is paid in connection with a relationship breakdown. - Deemed dividends may also arise when a shareholder (or associate of such shareholder) of a private company that has (or will have by a certain time) an unpaid present entitlement from a trust estate receives a payment or loan or has a debt forgiven in their favour by the trustee of the trust estate. However, this will not result in a debit to the franking account of the private company with the unpaid present entitlement. - A company determines whether its franking account needs adjustment, because the measures may affect imputation benefits available to shareholders, deny franking credits or give rise to additional franking debits. For more detailed information on the simplified imputation system, visit the ATO website. If the company was a subsidiary member of a consolidated or MEC group at the end of the income year and is completing a tax return because of any non-membership periods, inform in this field its franking account balance as at the end of the latest non-membership period if it is a surplus balance. If there is a deficit balance at the end of any non-membership period, the company must lodge a franking account tax return and pay the FDT. Franking account balance Inform the relevant field with the amount of unfranked dividends paid. Do not include dividends paid by one member to another within a consolidated or MEC group. Under Division 7A of Part III of the ITAA 1936, payments, loans and debts forgiven – unless they come within specified exclusion - by a private company to a shareholder or associates of a shareholder are treated as assessable dividends to the extent of the private company’s distributable surplus as defined in Division 7A. A payment made in the income year by a private company to a shareholder (or associate of a shareholder) can be converted into a loan before the end of the private company’s lodgment day that is defined to be the earlier of the due date for lodgment or the date of lodgment of the company’s income tax return for the year in which the loan is made. Loans, and payments converted to loans in the income year, made by a private company to a shareholder (or associate of a shareholder) that are not repaid, may be put on a commercial footing before the private company’s lodgment day. This will prevent the loan from being treated as a deemed dividend. Do not include a dividend paid under a demerger at this label unless the head entity of the demerger group has elected under subsection 44(2) of the ITAA 1936 that it be treated as an assessable dividend. Unfranked dividends paid R&D recoupment tax Subtotal 2 Non-refundable carry forward tax offsets Subtotal 1 Subtotal 3 Inform the relevant with the amount of excess franking offsets. An entity that is a corporate tax entity at any time during an income year has an amount of excess franking offsets for that year if: (a) the total amount of tax offsets to which the entity is entitled for that year under Division 207 and Subdivision 210-H (except those that are subject to the refundable tax offset rules because of section 67-25); exceeds: (b) the amount of income tax that the entity would have to pay on its taxable income for that year if: (i) it did not have those tax offsets; and (ii) it did not have any tax offsets that are subject to the tax offset carry forward rules or the refundable tax offset rules; and (iii) it did not have any tax offset under section 205-70; but had all its other tax offsets. The excess is the amount of excess franking offsets. Example: For the 2002-2003 income year, Company E has: - assessable income of $200 (franked distribution of $140 and franking credit of $60); and - $100 of deductions that are allowable. The tax offset of $60 from the franking credit is not stated in Division 67 to be subject to the refundable tax offset rules. Disregarding the tax offset of $60 from the franking credit, the amount of income tax that Company E would have to pay is $30: [($140 + $60) - $100] x 30% This amount is $30 less than the tax offset of $60. Company E therefore has an amount of excess franking offsets of $30 for that year. Excess franking offsets Inform the relevant field with the appropriate answer if at all times in the year of income, the Personal Services Business (PSB) maintains and uses business premises and any of the following are true; mainly used to conduct the work, that is, used for gaining or producing personal income for more than 50% of the time used exclusively by the PSB physically separate from the private residence of the individual doing the personal services work, their associates, the PSB's associates, and physically separate from the business address of the PSB's clients or their associates. The phrase ‘at all times during the income year’ is taken to mean the whole period during which activities are conduced for the purposes of generating personal services income. The PSB does not need to maintain and use the same business premises throughout the year but must satisfy all the above criteria. Business premises test Inform the relevant field with the appropriate answer if any of the following are true; the Personal Services Business (PSB) have employees, engage subcontractors or engage entities that perform at least 20% (by market value) of the principal work, or have apprentices for at least half the income year. ‘Principal’ work is the main work that generates the Personal Services Income (PSI) and does not usually include support work such as secretarial duties; the PSB can count a spouse or family member who does principal work, but not companies, partnerships or trusts associated with the PSB; if the PSB is a partnership , include any partners who perform principal work that helps to generate the PSI. This does not include any individual whose PSI the PSB receives. Employment test Inform the relevant field with the appropriate answer (true or false) to demonstrate if the business has a Personal Services Business (PSB) determination. Do you hold a personal services business (PSB) determination in respect of any individual? Inform the field with "true" where self assessment of the Personal Services Income rules have been satisfied. If the Personal Services Income rules have not been satisfied, inform field with "false". The Personal Services Income rules can be found in the ITAA 1997. Did you satisfy the results test in respect of any individual? Inform the relevant field with the appropriate answer if any of the following are true; the individual doing the personal services work generates Personal Services Income (PSI) from two or more clients who are not associated with each other or with the individual or with the Personal Services Business (PSB); the personal services must also be provided as a direct result of making offers to the public – for example, by advertising; the PSB is a commission agent that meets all of the conditions for the special rules, you will pass the unrelated clients test if the PSB services are provided to at least two customers as a direct result of the PSB making offers or invitations to the public on behalf of the PSB principal. Do not count clients obtained as a result of registering your name with a labour hire firm, placement agency or similar organisation. Note: Separate government departments are deemed not to be associates of each other for the purposes of this test. Unrelated clients test Where this question is answered in the affirmative, you must complete an International Dealings Schedule. Was the aggregate amount of the transactions with international parties (including the value of any property or service transferred or the balance of any loans) greater than $2 million? If the answer is affirmative, the Company may have to complete a Schedule 25A. For more information on international related party dealings refer to the Transfer Pricing publications on the ATO website. Did you have any transactions or dealings with international related parties (irrespective of whether they were on revenue or capital account)? The assessable income derived by the company from foreign sources, grossed up by the amount of the foreign tax paid. Gross foreign income Complete this field if the company keeps its accounts solely or predominantly in a foreign currency (its applicable functional currency) and has elected to use that functional currency for its tax accounts which it then translates to Australian dollars (A$) to complete its tax return. Functional Currency Translation Rate Inform the relevant field with the total of the adjustable values of depreciating assets the taxpayer held at the end of this income year. Total adjustable values at end income year Inform the relevant field with the amount of the total of the termination value of each intangible depreciating asset to which the Uniform Capital Allowances (UCA) rules apply (including assets allocated to a low-value pool) for which a balancing adjustment event occurred in the income year. If the company is using the small business entity simplified depreciation rules, do not include an amount at this label. Do not include any termination value in relation to in-house software for which the Company has allocated expenditure to a software development pool. A balancing adjustment event occurs if the Company stops holding or using a depreciating asset or decides not to use it in the future – for example, assets sold. Generally, the termination value is the amount the Company received or is deemed to have received in relation to the balancing adjustment event. It also includes the market value of any non-cash benefits, such as goods and services, that the Company receives for the asset. For more information on balancing adjustment events, termination value, in-house software and software development pools, see the Tax Office publication Guide to depreciating assets. Termination value of intangible depreciating assets Inform the relevant field with the amount of termination value of other depreciating assets. If the Company is using the small business entity simplified depreciation rules, do not include an amount at this label. Otherwise, this is the total of the termination value of each depreciating asset (including assets allocated to a low-value pool), other than intangible depreciating assets, for which a balancing adjustment event occurred in the income year. Do not include buildings or structures for which a deduction is available under the capital works provisions, assets used in R&D activities that are subject to the R&D tax concession, and assets falling within the provisions relating to investments in Australian films. A balancing adjustment event occurs if the Company stops holding or using a depreciating asset or decides not to use it in the future – for example, assets were sold, lost or destroyed. Generally, the termination value is the amount the Company received or is deemed to have received in relation to the balancing adjustment event. It also includes the market value of any non-cash benefits, such as goods and services, that the company received for the asset. For more information on balancing adjustment events and termination value, see the Tax Office publication Company tax return instructions. Termination value of other depreciating assets Inform the relevant field with the appropriate closing stock action code. One of the following codes should be used: C - Cost M - Market selling value R - Replacement value If this is the company’s first year in business, the value of its closing stock will be zero and therefore a code of C should be used. Otherwise this should be blank. Closing stock action code Inform the relevant field with appropriate value to establish whether the effective life of any depreciating assets has been recalculated by the taxpayer in the income year. Taxpayer's may recalculate the effective life of assets in certain circumstances if the effective life being used is no longer accurate. There are also circumstances where taxpayer's must recalculate the effective life of a depreciating asset. If a taxpayer has recalculated the effective life of any of their depreciating assets in the income year, select "true" for this field. If a taxpayer has not recalculated the effective life of any of their depreciating assets in the income year, select "false" for this field. Did you recalculate the effective life for any of your assets this income year? Inform the relevant field whether the taxpayer has self-assessed the 'effective life' of any of these assets. For most depreciating assets, taxpayers can choose either to work out the effective life themselves (self-assess) or to use an effective life determined by the Commissioner. If a taxpayer has adopted the Commissioner's effective life determination for all their depreciating assets, select "false" at this field. If the taxpayer has self-assessed the effective life of any of their depreciating assets, select "true" at this field. Have you self-assessed the effective life of any of these assets? The amount of a corporate tax entity is entitled to a tax offset for an income year for which it satisfies the residency requirement and at least one of the following applies: - the entity has incurred a liability to pay FDT in that year - the entity has carried forward an amount of excess FDT offset that was unable to be applied against an income tax liability in a previous income year, or - the entity incurred a liability to pay FDT in a previous income year when it did not meet the residency requirement, and was therefore not entitled to an FDT offset for that income year. At the end of an income year, a corporate tax entity that has a deficit balance in their franking account is liable to pay franking deficit tax (FDT). Franking deficit tax offset Show cents. The NRAS is designed to encourage large-scale investment in affordable housing. The NRAS offers incentives to providers of new dwellings on the condition that they are rented to low and moderate income households at 20% below market rates. The refundable tax offset is only available where the Housing Secretary of the Department of Families, Housing, Community Services and Indigenous Affairs has issued a certificate under the NRAS. In order to claim the tax offset in the 2008–09 income year, the NRAS certificate must relate to the NRAS year comprising the period 1 July 2008 to 30 April 2009. For more information, see National Rental Affordability Scheme – refundable tax offset and other taxation issues at www.ato.gov.au Note: The NRAS tax offset is subject to the refundable tax offset rules and can be claimed at label "c" Rebates/tax offsets in the Calculation statement. However, if the company has an excess of tax offsets subject to the refundable tax offset rules, the excess should be included at label "z" Other refundable credits in the Calculation statement. National rental affordability scheme tax offset entitlement Inform the relevant field with one of the following salary and wage expenses codes: C - Cost of sales A - All other expenses B - Cost of sales and All other expenses O - Other than Cost of sales and/or All other expenses or leave this field blank. Total salary and wage expenses action code Inform the relevant filed with the expenditure incurred for labour and services provided under contract other than those in the nature of salaries and wages. For example: - payments to self-employed people such as consultants and contractors including payments subject to a PAYG voluntary agreement to withhold and payments made under a labour hire arrangement - commissions paid to people not receiving a retainer - agency fees (such as advertising) - service fees (such as plant service) - management fees - consultant fees. Do not include the following at the Contractor, sub-contractor & commission expenses label: - expenses for external labour that are incorporated into the amount written at Cost of sales - expenses for accounting or legal services included at all other expenses. Contractor, sub-contractor & commission expenses Inform the relevant field with the amount of total salary and wage expenses. These expenses include any salary and wage component of Cost of sales - that is, allowances, bonuses, casual labour, retainers and commissions paid to people who received a retainer, and workers compensation paid through the payroll. Also included are direct and indirect labour costs, directors’ fees, holiday pay, locums, long service leave, lump sum payments, other employee benefits, overtime, payments under an incentive or profit sharing scheme, retiring allowances and sick pay. Any salary and wage paid by a private company to a current or former shareholder or director of the company, or to an associate of such a person, is included here and at Payments to associated persons. However, do not include agency fees, contract payments, sub-contract payments, service fees, superannuation, reimbursements or allowances for travel, management fees, consultant fees, and wages or salaries reimbursed under a government program. Total salary and wage expenses Inform the relevant field with the amount of loans to shareholders and their associates. The amount of sum of all such loans that have a debit balance at the end of the income year, if: - the company is a private company - the company has a loan to a shareholder or an associate of a shareholder that has a debit balance at the end of the income year, and - the recipient of the loan was a natural person, partnership or trust. This includes closely held corporate limited partnerships. Return the amount of Loans to shareholders and their associates in this field. Loans to shareholders and their associates The net amount of R&D quarterly credits received from the Tax Office for the income year. The net amount of research and development quarterly credits received is calculated by subtracting any amount paid back to the tax office from the total amount of research and development quarterly credits received for the income year. Net R&D quarterly credits received Inform the relevant field with the amount of non-refundable R&D tax offset utilised in the current year. The non-refundable R&D tax offset can be utilised to reduce your tax payable to zero, but cannot go below zero – that is, not into a negative Non-refundable R&D tax offset to be utilised in the current year Inform the relevant field with the amount of accounting expenditure in item 6 subject to R&D tax incentive. Also include the amount of losses on disposal of assets used in R&D activities which are subject to the R&D tax incentive that were shown at 'All other expenses', and any book depreciation expenses for assets used in R&D activities which are subject to the R&D tax incentive that were included at 'Depreciation expenses' (any amounts not subject to the R&D tax incentive must be included at 'Non-deductible expenses'). If no expense amounts relating to R&D deductions have been included at calculation of total profit or loss (for example, amounts are capitalised) enter zero (0) at this field. The amount written at this field on the company tax return must be the same as the amount written at 'Preliminary calculation – Add-back of research and development (R&D) accounting expenditure' on the Research and development tax incentive schedule. Accounting expenditure in item 6 subject to R&D tax incentive Where this question is answered in the affirmative, the entity must complete the reportable tax position schedule. Are you required to lodge a reportable tax position schedule? Inform the relevant field only by: - Australian resident taxpayers who employ an applicable FC to work out their taxable income or tax loss, or - foreign residents carrying on an activity or business at, or through, an Australian permanent establishment who use an applicable FC to work out their taxable income or tax loss. More details refer to ATO website "Foreign exchange (forex): guide to functional currency rules". Functional currency chosen The International dealings schedule must be completed if any of the following statements are true: - You carry on a business outside of Australia - You control a foreign entity by having at least a 10% interest in a foreign entity (this includes direct and indirect interests and interests held by associate entities) or otherwise have substantive control of a foreign entity - You are associated with anyone who carries on a business outside of Australia or has at least a 10% interest in a foreign entity - Your Australian entity is controlled by foreign entities, either directly or indirectly - You are a foreign entity that has investments in Australia If the company is subject to the thin capitalisation rules they may also need to complete the international dealings schedule if they are a financial service provider who are: - a foreign bank, - a foreign bank branch, - general or life insurance entity, or - financial service providers (except superannuation funds) who reported an annual turnover of $250 million or more on their current year’s income tax return. Did the thin capitalisation provisions apply? Inform the relevant field with the amount of non deductible exempt income expenditure. Write any expenditure incurred in deriving exempt income written at 'Exempt income'. Do not include expenditure incurred in deriving exempt income from RSAs and expenditure allowed by section 25–90 of the Income Tax Assessment Act 1997. Non deductible exempt income expenditure Broadly the pre rules apply to the head company of a consolidated group or multiple entry consolidated group for an income year in respect of an entity that becomes a member of the group if: • The joining time was before 12 May 2010; or • the arrangement under which the joining entity joined the group commenced before 10 February 2010. No interest is payable where an overpayment of income tax arises because of a deduction under the pre-rules. No shortfall interest or administrative penalty is payable to the extent that the amendment to an assessment is attributable to the pre-rules. Pre rules deductions Broadly, the interim rules apply to the head company of a consolidated group or multiple entry consolidated group for an income year in respect of an entity that becomes a member of the group if: • the pre-rules would otherwise apply (because the joining time was before 12 May 2010 or the arrangement under which the joining entity the group commenced before 10 February 2010) but the head company’s latest notice of assessment for the income year that relates to the application of the 2010 law in respect of the joining entity was served on the head company by the Commissioner between 12 May 2010 and 30 March 2011; or • the joining time was on or after 12 May 2010 and the arrangement under which the joining entity joined the group commenced between 10 February 2010 and 30 March 2011. No shortfall interest or administrative penalty is payable to the extent that the amendment to an assessment is attributable to the interim rules. Interim rules deductions The prospective rules apply to the head company of a consolidated group or multiple entry consolidated group for an income year in respect of an entity that becomes a member of the group if: • the joining time is on or after 31 March 2011; and • neither the pre-rules nor the interim rules apply to the arrangement. Prospective rules deductions Inform the relevant field in the affirmative if the company’s income includes an individual’s personal services income (PSI). Otherwise inform in the negative. A company may derive income which includes the PSI of one or more individuals. Does your income include an individual's personal services income? Inform the relevant field with the total deductible balancing adjustment amount claimed on the disposal of intangible depreciating assets (this type of deduction may arise if, for example, a depreciating asset was disposed of for less than its adjustable value). Do not include information about assets allocated to a low-value pool or assets that are deductible under the specific primary production provisions of the Uniform Capital Allowances regime. Deductible balancing adjustments on the disposal of intangible depreciating assets Inform the relevant field with the amount of small business entity depreciating assets - deduction for certain assets Do not show at this label the balance of any small business pool or the cost of assets transferred to a pool. Only complete this item if the company is a small business entity using the simplified depreciation rules. To complete this item use the amounts calculated for SBE depreciation deductions at "Depreciation expenses" item Please refer to the Capital allowances: low-cost assets page for more details, allowable amounts and rates, available on www.ato.gov.au Deduction for certain assets Inform the relevant field with the amount of small business entity depreciating assets - deduction for general small business pool Do not show at this label the balance of any small business pool or the cost of assets transferred to a pool. Only complete this item if the company is a small business entity using the simplified depreciation rules Deduction for general small business pool Inform the relevant field with the total amount of deductions against personal services income (PSI) included at the expense labels Total amount of deductions against personal services income Inform the relevant field with the total assessable balancing adjustments on the disposal of intangible depreciating assets (this type of assessable income may arise if, for example, a depreciating asset was disposed of for more than its adjustable value). Do not include information about assets allocated to a low-value pool or assets that are deductible under the specific primary production provisions of the Uniform Capital Allowances regime. Assessable balancing adjustments on the disposal of intangible depreciating assets Inform the relevant field with the total amount of income gained during the year that is personal services income (PSI) of one or more individuals included at the income labels. Exclude any exempt or non-assessable non-exempt components of the personal services income for example goods and services tax (GST) Total amount of personal services income Inform the relevant field with the total of all feedstock adjustments that are required to be made for all R&D activities, where those activities have produced a marketable product that is supplied or applied to your own use during the income year Feedstock adjustment - additional assessable income Set this field to one of the enumerated values. Valid values are: Resident = Resident NonResidentNoPermEstab = Non resident with no permanent establishment NonResidentPermEstab = Non resident with permanent establishment If the company is a non-resident company carrying on a business in Australia through a permanent establishment, then the value should be set to ""NonResidentPermEstab" Status of Company - Residency Set this field to one of the possible enumerated values. Valid values are: MultipleBusiness = Multiple business, CeasedBusiness = Ceased business, CommencedBusiness = Commenced business, Status of Company - Business status Inform the relevant field with the amount of net foreign income. Do not include the following amounts in this label: - attributed foreign income (such as attributed income from a CFC or foreign investment fund (FIF)) - any amount of Australian franking credits attached to franked distributions received from a New Zealand company. Include these amounts at Australian franking credits from a New Zealand company. Do not show negative amount. Foreign source capital gains are made by an Australian resident company if a CGT event happens to any of its worldwide CGT assets. Include any capital gain made from CGT assets in the company’s net capital gain for the income year and include it at Net capital gain. For more information about CGT, see Guide to capital gains tax. Do not apply debt deductions other than those attributable to an overseas PE of the taxpayer against foreign source income for the purpose of calculating net foreign income. Net foreign income Inform the relevant field with the appropriate industry code for the company’s main business. The code can be obtained by using the publication Business industry codes 2008 , available on the Australian Tax Office website. For a consolidated or MEC group, inform the industry code for the business activity from which the group derived the most gross income. An incorrect code may result in clients not receiving a necessary service or material from the Tax Office, or could lead to incorrect targeting of audits. The industry code provided is also used to publish industry benchmarks in Taxation statistics. The Tax Office industry codes are a modified version of the ANZSIC, produced jointly by the Australian Bureau of Statistics and Statistics New Zealand. Business Entity Industry code CTRLodgeRequest [Abstract] UltimateHoldingCompany ImmediateHoldingCompany TrustDistributionIncome ITPAYGWithholdingDetails ITPAYGWithholdingDetails RP Primary Items [Abstract] RP CFCLC Primary Items [Abstract] RP CFC404 Primary Items [Abstract] RP CFCUC Primary Items [Abstract] RP TOFA Primary Items [Abstract] RP JAUS Primary Items [Abstract] RP JFOREIGN Primary Items [Abstract] RP CMPLY Primary Items [Abstract] RP ORD Primary Items [Abstract] RP Opening Primary Items [Abstract] RP Closing Primary Items [Abstract] RP Y0-1 Primary Items [Abstract] RP Y0 Primary Items [Abstract] RP Y0Plus1 Primary Items [Abstract] RP YPrevious Primary Items [Abstract] RP LowCost Primary Items [Abstract] RP GeneralPool Primary Items [Abstract] RP PreRules Primary Items [Abstract] RP InterimRules Primary Items [Abstract] RP ProspectiveRules Primary Items [Abstract] INT Primary Items [Abstract] The total of assessable Australian sourced distributions (within the meaning of section 960-120 ITAA 1997), including franked and unfranked, deemed dividends and liquidators’ and other company distributions but not trust distributions. Paid Parental Leave Levy excluded distributions