Tax Collection 3 Capital Gains Tax Acquiring Entity Indicator A question to determine if the company or trust was an acquiring entity Capital Gains Tax Capital Gains Less Capital Losses Total Amount The amount of capital gains on assets for the current year after losses have been applied. Capital Gains Tax Cash And Considerations Other Amount The amount received by way of cash or other considerations as exchange for the original shares Capital Gains Tax Common Stakeholder Interest Acquired Cost Base Amount The total amount of the cost base of the significant common stakeholder interests acquired. The first element of the cost base of a Capital Gains Tax (CGT) asset is generally the acquisition cost of the asset. Capital Gains Tax Considerations Other Amount The amount of other considerations (including cash) given to acquire the shares, units or other interests, options, rights or similar interests in the original entity. Capital Gains Tax Discount And Small Business Concession Total Amount Total of small business concession amounts Capital Gains Tax Discount Amount The amount of discount on capital gains assets. Capital Gains Tax Event Or Assets Code S = shares, U = units in unit trusts, R = real estate, G = goodwill, O = other CGT assets or CGT events not listed above Code to indicate the type of Capital Gains Tax (CGT) asset or CGT event from which the entity made the capital gain. Capital Gains Tax Event Indicator A CGT event occurs when a transaction results in a capital gain or capital loss, e.g. the sale of a CGT asset or receipt of a distribution of a capital gain from another entity. Capital Gains Tax First Element Interest Acquired Cost Base Amount The total amount of the first element of the cost base of the interests acquired. Capital Gains Tax Forestry Managed Investment Scheme Event Indicator The question requires a response to Capital Gains Tax events that specifically occur in relation to a forestry managed investment scheme interest held other than as an initial participant. Capital Gains Tax Life Insurance Companies And Friendly Societies Complying Superannuation Class Capital Gain Net Amount The amount of the net capital gain that accrued from the investment of virtual Pooled Superannuation Trust assets. Capital Gains Tax Life Insurance Companies And Friendly Societies Ordinary Class Capital Gain Net Amount The amount of the net capital gain that is included in the ordinary class of taxable income. Life insurance companies separate their taxable income into two classes - the ordinary class and the complying superannuation 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 Retirement Savings Account provider and there is no Tax File Number 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 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. Capital Gains Tax Majority Ownership And Assets Indicator Indicates if there was any change in the majority ownership of any assets the entity acquired before 20 September 1985 Capital Gains Tax Options Or Rights Issued Count The number of options, rights or similar interests issued in exchange for the options, rights or similar interests acquired in the other entity. Capital Gains Tax Original Entities Count The number of original entities which were acquired. Capital Gains Tax Original Interests Cost Base Amount The amount of the original costs base of the original interests exchanged. Original interests are shares or units or other interests (or an option, right or similar interest in a company or trust), while replacement interests are similar interests in another company or trust. The cost base of a Capital Gains Tax (CGT) asset is generally the cost of the asset when bought; however, it also includes certain other costs associated with acquiring, holding and disposing of the asset. Capital Gains Tax Replacement Interests Market Value Amount This is the market value of the replacement scrip. Capital Gains Tax Scrip For Scrip Rollover Joint Choice Indicator Question to determine if the company or trust jointly with a significant or common stakeholder, chose to receive a rollover. Capital Gains Tax Scrip For Scrip Rollover Indicator A scrip-for-scrip rollover is an arrangement made to exchange original interests for replacement interests. Capital Gains Tax Shares Or Units Issued Count The number of shares, units or other interests issued in exchange for the shares or units or other interests acquired in the original entity. Capital Gains Tax Tax Capital Losses Carried Forward Amount The total amount of any unapplied net capital losses to be carried forward. Elections Commencement Date The commencement date for the trust election. Elections Date Specified Date This is the date specified, in the income year, for the election to be made. Elections Effective Variation Date The variation effective date for the trust by way of an order, an agreement or an award. Elections Family Trust Election Revocation Code Indicates that the Family Trust Election is being revoked. Elections Family Trust Election Status Year Year in which the family trust election was made. Elections Interposed Entity Election Revocation Code Code to indicate that the interposed entity election was revoked during the reporting period. Elections Interposed Entity Election Status Year Year in which the interposed entity election was made. Elections Notification Of Election Being Revoked Year The income year for which the details of the election being revoked were included in the tax return for the trust or given to the Commissioner. Elections Revocation Date The date from which the trust election ceases to be in force. Elections Revocation Year The year from which the trust election ceases to be in force. Elections Small Business Entities Election Indicator Eligibility of Small Business Entity: You carry on a business in the current year and either one meet: 1. aggregated turnover for the previous income year was less than $2 million, you are a small business for the current year; or 2. estimated aggregated turnover for the current year is less than $2 million, you will be a small business for the current year; or 3. actual aggregated turnover at the end of the current year is less than $2 million, you are a small business for the current year; or 4. In a year when you are winding up a business, you will be taken to be still carrying on the business and have access to these concessions if you: - are winding up a business you previously carried on, and - you were a small business in the income year you ceased business Indicates that the entity meets one of the threshold test to access a range of tax concessions. Elections Trading Stock Election Indicator Indicates whether the entity elected to value an item of trading stock below the lowest value of cost, market selling value or replacement value because of obsolescence or any other special circumstances. Fringe Benefits Tax Adjustment Due Amount It is the difference between the amount the employer has paid throughout the FBT year, and the amount that must be paid by 21 May (unless the employer has made other arrangements with the ATO). Fringe Benefits Tax Claimable Credits Amount Where the client varies their fringe benefit tax instalment the liability for the year may be less than the amount which has already been paid which gives rise to an FBTI credit. The client is entitled to claim a credit for any over payment of instalments paid in previous quarters when they varied an Tax Office provided instalment to a lesser amount. Fringe Benefits Tax Expense Amount Fringe benefits tax is a tax on the value of benefits provided to an employee or an employees associate by an employer in respect of the employees duties. The employer is liable for payment of fringe benefits tax. A benefit is widely defined to include any right, privilege, service or facility. Fringe Benefits Tax Liability Instalments Total Amount Don't include any amount paid in respect of penalties or another FBT year's liability. If the employer has made a payment towards its current FBT liability as part of a tax agent lodgment agreement this amount can be included at this item. If the employer pays FBT by instalments the employer should lodge all of its activity statements for the FBT year ending 31 March of the current FBT year, including the March quarter prior to lodging the FBT return. This will enable the ATO to update the employer's FBT account. If the employer do not pay FBT by instalments then this field must be left blank. Total of any FBT instalment amounts previously reported on activity statements for the FBT year. Fringe Benefits Tax Liability Variation Reason Code 22 = Current business structure not continuing; 30 = Change in fringe benefits to employees; 31 = Change in employees with fringe benefits; 32 = Fringe benefits rebate now claimed. It is a single code to explain the reason that the client is changing their FBT instalment rate. Fringe Benefits Tax Liability Amount The tax payable by employers on the taxable value of the fringe benefits they provide to employees (or associates of employees). Fringe Benefits Tax Non Rebatable Aggregate Amount The portion of the taxable value of fringe benefits for which the employer cannot obtain a rebate. This applies only to rebatable employers (certain non-government, non-profit organisations that are eligible for a rebate of the amount of FBT that would otherwise be payable). Fringe Benefits Tax Payable After Rebate Amount This is the dollar value of the 'Amount of tax payable' minus the 'Amount of rebate'. Fringe Benefits Tax Payable Amount The tax payable by employers on the taxable value of the fringe benefits they provide to employees (or associates of employees). Fringe Benefits Tax Rebate Amount The dollar value of the rebate to which a rebatable employer is entitled - rebatable employers are entitled to a rebate of the amount of FBT that would otherwise be payable. Fringe Benefits Tax Type 1 Aggregate Amount The dollar value of all FBT liabilities for which the employer is entitled to claim a GST credit. The Type 1 aggregate amount uses a higher gross-up rate (Type 1 gross-up rate) to calculate the FBT liability to recover the GST credit the employer is entitled to. Fringe Benefits Tax Type 1 Grossed Up Amount Fringe Benefit Tax is the tax paid based on the FBT Act, on fringe benefits paid to employees. This element implements the type 2 grossed up portion of benefits paid. Fringe Benefits Tax Type 1 Plus Type 2 Grossed Up Adjusted Amount The sum of the adjusted type 1 and type 2 fringe benefit amounts then grossed up by the applicable legislative rate. Fringe Benefits Tax Type 2 Aggregate Amount The dollar value of all FBT liabilities for which the employer is not entitled to claim a GST credit. The Type 2 aggregate amount uses the lower gross-up rate (Type 2 gross-up rate) to calculate the FBT liability for the employer. Fringe Benefits Tax Type 2 Grossed Up Amount Fringe benefits that are taxed by the FBT Act are taxable for payroll tax. The FBT taxable amount is the " grossed-up (type 2)" value of a fringe benefit. Fuel Tax Claimable Credits Amount Section 12A of the FTCA requires that clients put an increasing adjustment in their BAS for the amount of fuel credit which has already been claimed. If a corresponding credit entitlement was not reported they would be in debit. This is where a client claims a credit for fuel tax credits on their fuel purchases. Credit amounts that you are entitled to under section 41-5 or 41-1 of the Fuel Tax Act 26 or under the Energy Grants (Credits) Scheme Act 23. Fuel Tax Credits Purchases Netted Off Indicator The Energy Grants Credit Scheme was a government initiative which operated between 1 July 2003 and 30 June 2006 to assist certain businesses in rural and regional Australia by providing grants which reimbursed the cost of fuel used in specific activities. The primary purpose of the scheme was to maintain competitiveness in business, and particularly in key export industries such as mining and agriculture. The Fuel Tax Credit Scheme commenced on 1 July 2006 and replaced the Energy Grants Credits Scheme. Essentially, the Fuel Tax Credit Scheme is the same as the Energy Grants Credit Scheme, except that businesses participating in the scheme now claim credits in dollars on their Business Activity Statements (BAS) instead of in litres of fuel used. Energy Grants Credits Scheme fuel tax credits netted off cost of diesel oil and fuel purchases refers to the value of any credits which have been deducted from the value of purchases of diesel oil and fuel already reported. Fuel Tax Credits Reimbursed Amount The Energy Grants Credit Scheme was a government initiative which operated between 1 July 2003 and 30 June 2006 to assist certain businesses in rural and regional Australia by providing grants which reimbursed the cost of fuel used in specific activities. The primary purpose of the scheme was to maintain competitiveness in business, and particularly in key export industries such as mining and agriculture. The Fuel Tax Credit Scheme commenced on 1 July 2006 and replaced the Energy Grants Credits Scheme. Essentially, the Fuel Tax Credit Scheme is the same as the Energy Grants Credit Scheme, except that businesses participating in the scheme now claim credits in dollars on their Business Activity Statements (BAS) instead of in litres of fuel used. Energy Grants Credits Scheme fuel tax credits reimbursed refers to the value of money reimbursed to businesses under the Energy Grants Credit Scheme and Fuel Tax Rebate Scheme. Fuel Tax Overclaimed Credits Amount This is where a client reports their fuel tax credits over-claimed to the Tax Office. This is the amount that clients have claimed on an early claim form or have been previously overpaid. Goods And Services Tax Available Reporting Options Text The options are delimited by a comma. For example, the Available Options attribute could contain a string value "1,2" which means that option 1 and 2 are available. Valid option codes are: 0 = None 1 = CalcGSTAndReportQuart 2 = CalcGSTQuartAndReportAnn 3 = PayGSTInstalmentAmountQuart. Note: Available Options is an attribute of GSTReportingOptionCode and is used to report what options a user can select. The attribute is represented as a string and lists the available options. Goods And Services Tax Claimable Credits Amount The summary of input tax credits The GST paid on all business related purchases that were used to generate sales. Goods And Services Tax Current Recoveries Receivable Other Than Reinsurance Related To Current Premiums Liabilities Input Tax Credits Amount Report the gross value of Input Tax Credits (ITCs) receivable from the Australian Taxation Office related to the current portion of recoveries other than reinsurance recognised in the calculation of the Premiums Liabilities. Goods And Services Tax Current Recoveries Receivable Other Than Reinsurance Related To Outstanding Claims Provision Input Tax Credits Amount Report the gross value of Input Tax Credits (ITCs) receivable from the Australian Taxation Office related to the current portion of recoveries other than reinsurance recognised in the calculation of the Outstanding Claims Provision. Goods And Services Tax Deferred Liability On Import Duty Amount Deferred GST is an amount provided to the Tax Office by Australian Customs Service for duty payable by the client in the previous month for imports. Goods And Services Tax Exempt Sales Amount Any supplies other than exports for which you have not charged GST. These are sales included in the total sales amount which are GST free but are not export sales. GST -free has the meaning given by 9-3(1) and Division 38. That is a GST free supply or a right to receive a supply that would be GST free as determined by Division 38. Broadly Food, Health, Education, Child care, Exports, Religious services, charitable activities, sewerage, going concerns, transport, precious metals, duty free, land grants, farm land and cars for disabled people. Goods And Services Tax Export Sales Amount Goods to be exported These are sales included in the total sales amount which are GST free. Items defined in subdivision 38E of the GST Act and are for consumption outside Australia and hence are GST Free. Goods And Services Tax Liability Instalments Total Amount This is the sum of all amounts of GST instalments paid by the client who elected to pay by instalment and is now reporting this amount on their annual GST return. Goods And Services Tax Liability Variation Reason Code Provides the reason that the client has chosen to vary the GST instalment. Goods And Services Tax Liability Amount Generally a tax of 10% on the supply of most goods and services and other taxable supplies (for example, real property and rights) in Australia, including things that are imported. In most cases it does not apply to exports of goods or services, and other things consumed outside Australia. It is similar to 'value-added taxes' applying in other countries. The GST is a multi-stage tax, that is, GST is paid at each stage of the supply chain. Liability for this tax rests on the supplier. Usually the supplier adjusts the price of a taxable supply to reflect the GST payable on the supply. However, if the supplier does not adjust the price to reflect the GST, it is still liable to pay the GST to the Tax Office. GST replaced the wholesale sales tax and the excise surcharge payable on petroleum and tobacco products which the Australian Government collected and reimbursed to the states and territories under agreed repayment schemes. Goods And Services Tax Non Current Recoveries Receivable Other Than Reinsurance Related To Non Current Premiums Liabilities Input Tax Credits Amount Report the gross value of Input Tax Credits (ITCs) receivable from the Australian Taxation Office related to recoveries other than reinsurance recognised in the calculation of the Premiums Liabilities. Goods And Services Tax Non Current Recoveries Receivable Other Than Reinsurance Related To Outstanding Claims Provision Input Tax Credits Amount Report the gross value of Input Tax Credits (ITCs) receivable from the Australian Taxation Office related to recoveries other than reinsurance recognised in the calculation of the Outstanding Claims Provision. Goods And Services Tax Payable Amount Summary of the GST liability according to division 9. Total GST payable on all sales that attract a GST component for the relevant period. Goods And Services Tax Selected Reporting Option Code By having three options available, all GST quarterly reporters have the option to pay actual GST which can be reported as either full or streamlined options. Some quarterly GST reporters will be eligible to pay by quarterly instalments. Shows the client the GST reporting method that the Tax Office systems have recorded for them. Luxury Car Tax Claimable Credits Amount This is an amount of Luxury car tax which has been overpaid. This is where the client claims a credit for luxury car tax paid on their purchases. Decreasing luxury car tax adjustments Luxury Car Tax Liability Amount This is where a client reports their luxury car tax collected from their sales to their customers and payable to the Tax Office. Tax Liability Current Amount Recognition of current and deferred tax liabilities are to be made in accordance with AASB 112. For interpretation/definition of this item refer to the Australian Accounting Standards, as an example, see provided reference Tax Liability Deferred Amount Recognition of current and deferred tax liabilities are to be made in accordance with AASB 112. For interpretation/definition of this item refer to the Australian Accounting Standards, as an example, see provided reference Tax Liability Total Amount Sum the tax liability items relating to Australian business operations. Tax Overpaid Amount This is the amount of tax that has been overpaid by an entity Tax Rate Designation Rate The decimal number that represents the Tax Rate to be applied. Tax Rate Type Code Valid values include: PayrollTax - The effective rate for payroll tax for the period, PAYGVoluntaryAgr - Pay As You Go Voluntary Agreement Withholding rate, OverdueInterest - The rate applicable to overdue interests, OverduePenalty - The rate applicable to overdue penalties, Instalment - The rate used for the calculation of tax on the IT instalment, CurrencyTranslation - The rate used for translating monetary currencies The Tax Rate Type Code defines the type of rate that is being applied. Tax Adjustment Credit for Interest on Overpaid or Early Payments Amount Interest may be payable where an actual payment is made on account of certain amounts more than 14 days before the due date of payment. Tax Losses Applied Amount The amount of applied capital losses against current year capital gains. Tax Losses Change Of Ownership Or Control After Reference Time Indicator Indicator to determine whether a changeover time has occurred. A changeover time is the time of a change in majority ownership or in the control of a company. Tax Losses Current Year Loss Provisions Apply Indicator Indicator to determine if the reporting party is required to apply the current year loss provisions. Tax Losses Deducted Continuity Of Majority Ownership Test Failed But Same Business Test Passed Amount The total amount of losses applied during the reporting period and claimed as a deduction where the reporting party has not met the majority ownership test but satisfied the same business test. Tax Losses Deducted Amount The amount of losses that have been carried forward from a previous income year and claimed as a deduction. Tax Losses Maximum Net Asset Value Test Passed At Changeover Time Indicator Indicator to determine if the reporting party satisfied the maximum net asset value test at the changeover time. Tax Losses Total Amount The amount of losses. Tax Losses Transferred From Joining Entities Including Head Company At Consolidation Majority Ownership Continuity Test Not Passed And Same Business Test Passed Amount Inform the field the amount of those losses that were transferred at consolidation where the continuity of ownership and control tests were failed but the joining company satisfied the same business test. The amount of losses transferred from joining entities (including head company) at consolidation where the continuity of ownership and control tests were failed but the joining company satisfied the same business test. Tax Losses Transferred From Joining Entities Including Head Company At Consolidation Majority Ownership Continuity Test Passed Amount Inform the field the amount of those losses that were transferred at consolidation because the continuity of ownership and control tests were satisfied for the ownership test period - that is, from the start of the year when the tax loss was incurred until immediately after the joining time. The amount of losses transferred from joining entities (including head company) at consolidation because the continuity of ownership and control tests were satisfied. Tax Losses Transferred From Joining Entities Including Head Company At Consolidation Trusts Only Majority Ownership Continuity Test Passed Amount Inform the field the amount of those losses that were transferred at consolidation from a trust. The amount of losses transferred from joining entities (including head company) at consolidation involving trusts only that satisfied ownership and control tests Tax Losses Transferred From Joining Entities To Head Company After Consolidation Majority Ownership Continuity Test Not Passed And Same Business Test Passed Amount Inform the field the amount of those losses that were transferred after consolidation because the continuity of ownership and control tests were failed but the joining company satisfied the same business test. The amount of losses transferred from joining entities after consolidation where the continuity of ownership and control tests were failed but the joining company satisfied the same business test. Tax Losses Transferred From Joining Entities To Head Company After Consolidation Majority Ownership Continuity Test Passed Amount Inform the field the amount of losses transferred after consolidation because the continuity of ownership and control test was satisfied from the start of the year when the tax loss was incurred until immediately after the joining time. The amount of losses transferred from joining entities after consolidation because the continuity of ownership and control tests were satisfied. Tax Losses Transferred From Joining Entities To Head Company After Consolidation Trusts Only Majority Ownership Continuity Test Passed Amount Inform the field the amount of those losses that were transferred after consolidation by a trust. The amount of losses transferred from joining entities after consolidation involving trusts only that satisfied the ownership and control tests. Tax Losses Transferred From Joining Entities Amount The amount of losses transferred from joining entities, including the head company, to the head company during the income year. The amount of losses transferred from joining entities. Tax Losses Transferred Losses Cancelled By Head Company Amount The total amount of the cancellation of the transfer of one or more losses for joining entities as it relates to the corresponding Tax File Number The amount of cancellation of transfer of losses for each joining entity. Tax Losses Transferred Losses Cancelled By Head Company Indicator An indicator to determine if the head company cancelled the transfer of a loss. Tax Losses Transferred Losses Utilised Apportionment Rules Applied Indicator An indicator to determine if the apportionment rules were applied. Tax Losses Transferred Losses Which First Failed The Continuity Of Ownership Or Control Tests Amount The total amount of losses of joining companies that first failed the continuity of ownership or control tests but satisfied the same business test. The total amount of losses which first failed the continuity of ownership or control tests. Tax Losses Transferred Utilised Amount Inform the field of the corresponding amount of transferred losses utilised. The calculated amount of transferred losses utilised Tax Losses Unrealised Net Loss At Changeover Time Amount The calculated amount of unrealised net loss. An unrealised net loss is, broadly, the excess of the reporting party's unrealised losses on assets over unrealised gains on assets at the changeover time. This is determined by deeming such assets to be disposed of at market value at the changeover time. Tax Losses Unrealised Net Loss At Changeover Time Indicator Indicator to determine if the reporting party had an unrealised net loss at the changeover time. An unrealised net loss is, broadly, the excess of the reporting party's unrealised losses on assets over unrealised gains on assets at the changeover time. This is determined by deeming such assets to be disposed of at market value at the changeover time. Tax Losses Utilised After Consolidation Ownership Continuity Test Not Passed And Same Business Test Passed Amount The amount of tax losses utilised by the head company which did not satisfy the continuity of ownership and control tests but did satisfy the same business test. The amount of losses utilised after consolidation, for which the continuity of ownership test is not passed but the same business test is satisfied. Tax Losses Utilised Available Fraction Number Inform the fields the corresponding calculated available fractions. The corresponding calculated available fractions. Tax Losses Utilised Group And Transferred Amount Inform the field the amount of group and transferred losses utilised. The amount of group and transferred losses utilised. Group losses are losses generated by the consolidated group. Transferred losses are losses that have been made outside the consolidated group and transferred into the group on joining. Tax Losses Utilised Amount Inform the field the amount of losses utilised. The amount of losses utilised. Tax Losses Carried Forward Collectables Unapplied Amount The amount of unapplied net capital losses for collectables from earlier years remaining after the deduction of any capital gains made between the year(s) when the losses were made and the current year. Tax Losses Carried Forward Complying Superannuation Class Life Insurance Companies Amount Inform the field the amount of complying superannuation class losses carried forward to later income years. The amount of complying superannuation class losses carried forward to later income years. Tax Losses Carried Forward Continuity Of Majority Ownership Test Passed Indicator Indicator to determine whether the reporting party has satisfied the continuity of majority ownership test in respect of a loss incurred. Tax Losses Carried Forward Event And Assets Unapplied Other Amount The amount of unapplied net capital losses for Capital Gains Tax (CGT) assets and CGT events from earlier years remaining after the deduction of any capital gains made between the year(s) when the losses were made and the current year. Tax Losses Carried Forward Group Amount Inform the field the amount of group losses available to be carried forward to later income years. The amount of group losses available to be carried forward to later income years. Tax Losses Carried Forward Same Business Test Passed Before Being Utilised Amount The amount of losses carried forward to later income years for which the head company must satisfy the same business test to utilise these losses. The amount of losses carried forward to later income years for which the head company must satisfy the same business test to utilise these losses Tax Losses Carried Forward Same Business Test Passed Amount The total amount of losses to be carried forward to later income years for which the same business test must be satisfied . Tax Losses Carried Forward Total Amount The amount of losses that is available to be carried forward to later income years. Tax Losses Carried Forward Transferred In Applied Amount The amount of capital losses remaining from earlier years, transferred in and applied against current year capital gains. Tax Losses Carried Forward Transferred Amount Inform the field the amount of transferred losses available to be carried forward to later income years. The amount of transferred losses available to be carried forward to later income years. Tax Losses Carried Forward Virtual Pooled Superannuation Trust Life Insurance Companies Amount Inform the field the amount of virtual Pooled Superannuation Trust losses carried forward to later income years. The amount of virtual Pooled Superannuation Trust losses carried forward to later income years. Wine Equalisation Tax Claimable Credits Amount Applies where WET has been paid more than once on the same supply or when the circumstances described in section 17-5 of the WET Act are applicable. This is where the client claims a credit for wine equalisation tax paid on their purchases. Sum of credits and WET refunds resulting where WET has been paid more than once on the same supply. Wine Equalisation Tax Liability Amount This is where a client reports their wine equalisation tax collected from their sales to their customers and payable to the Tax Office.