Tax Collection 1 Income Tax Active Foreign Business Capital Gains Reduction Amount The amount of the reduction in capital gains determined in accordance with Sub-division 768-G of the ITAA 1997. Inform the relevant field of the amount of the reduction in capital gains where Sub-division 768-G of the ITAA 1997 applies. If a company held a voting interest of at least 10% in a foreign company and held that interest for a continuous period of at least 12 months in the two years before the specified Capital Gains Tax event it may be entitled to use this measure. Income Tax Active Foreign Business Capital Losses Reduction Amount The amount of capital losses, as reduced in accordance with Sub-division 768-G of the ITAA 1997, that may be utilsed or carried forward. Inform the relevant field of the amount of capital losses, as reduced in accordance with Sub-division 768-G of the ITAA 1997, that may be utilised or carried forward. If a company held a voting interest of at least 10% in a foreign company and held that interest for a continuous period of at least 12 months in the two years before the specified Capital Gains Tax event it may be entitled to use this measure. Income Tax Balancing Adjustment Total Amount The amount of where a business makes the transitional election to bring in their existing financial arrangements they must perform a balancing adjustment calculation. Use negative value if it is a loss amount. 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.) Income Tax Financial Arrangement Related Gain Loss Or Balancing Adjustments Subject To TOFA Rules Indicator Indicator of a gain, loss or balancing adjustment from a financial arrangement subject to the TOFA rules. Income Tax Taxable Gross Amount The amount of tax payable before the allowance of any rebates/tax offsets or credits. It is the Taxable Income multiplied by the applicable tax rate. Income Tax Total Amount The amount of income tax required to be paid by a business/individual or the amount to be refunded by the ATO. This field is calculated by adding the amounts of PAYG instalments raised , Credit for interest on early payments - amount of interest, Credit for tax withheld - foreign resident withholding, Tax withheld where ABN not quoted, Tax withheld from int/investments, R&D tax offset, Other refundable credits and s102AAM interest. Income Tax Payable Amount The net tax derived from the amount of tax assessed less non-refundable tax offsets and credits. It must be less than or equal to tax assessed.