Company data can be identified by the absence of the TFN amounts withheld and a blank account name. – The interest earned on an account for the financial year will need to be divided by the total account holders in order to prevent a misreporting of interest and a larger taxable income for the taxpayer on their IITR: Taxpayer proportion value = [Gross Interest] ÷ Proportion of Interest Where: Term [Gross Interest] Bank - Gross Interest [Proportion of Interest] Bank - Reported Number of Account Holders Important: To avoid errors in lodgment and processing we recommend the following validations be applied – The taxpayer’s proportion value amount cannot be greater than the total gross interest amount as this will cause an error that will prevent processing of the IITR. – TFN Where applicable a calculation will need to be performed for an account where the account holders did not quote their TFN to their financial institution: Taxpayer proportion value = [TFN Amounts Withheld] ÷ [Reported Number of Account Holders] Where: Term Label [TFN Amounts Withheld] Bank - TFN Amounts Withheld [Proportion of Interest] Bank - Reported Number of Account Holders Important: To avoid errors in lodgment and processing we recommend the following validations be applied – The individual taxpayer’s proportion value amount of total TFN amounts withheld cannot be greater than the total gross interest amount as this will cause an error that will result in the IITR not being processed. The individual taxpayer’s proportion value amount of total TFN amounts withheld cannot be greater than 50% of their share of the total gross interest amount. Once the amount is apportioned it can be assigned to the IITR as is described below: SBR Pre-fill IITR SBR PIITR Label Requires apportioning? SBR IITR Alias SBR IITR Label
Unquoted Amount IITR272 Credit Tax Paid By Trustee Amount Y IITR272 of credit for tax paid by trustee IITR273 Credit Foreign Resident Withholding Amount Y IITR273 Share of credit for foreign resident withholding amounts (excluding capital gains) IITR274 National Rental Affordability Scheme Tax Offset Amount Y IITR274 Share of National rental affordability scheme tax offset IITR311 Net Capital Gains Y IITR311 Net capital gain IITR312 Total Current Year CG Amount Y IITR312 Total current year capital gains IITR316 Controlled Foreign Company Income Amount Y IITR316 CFC income IITR324 Net foreign rent Y IITR324 Net foreign rent IITR327 Other Foreign Income Amount (UTD or FSI) Y IITR327 Other net foreign source income IITR328 Australian franking credits from a NZ franking company Y IITR328 Australian franking credits from a New Zealand franking company IITR912 Franking Credits Amount Y IITR120 Dividends - Franking credit IITR913 TFN Withheld Credit Amount Y IITR121 TFN amounts withheld from dividends IITR914 Assessable foreign source income (UTD or FSI) Y IITR320 Assessable foreign source income IITR915 Foreign Tax Offset Amount (UTD or FSI) Y IITR331 Foreign income tax offset IITR967 Transferor trust income Y IITR318 Transferor trust income IITR1118 Other income Y IITR352 Category 2 income IITR1119 Share of Foreign Resident Y IITR497 Credit for foreign resident capital gains withholding amounts
IITR873 Policy Start Date Not applicable – not mapped on IITR IITR874 Policy End Date Not applicable – not mapped on IITR IITR182 Health Premiums Eligible for Rebate IITR182 Your premiums eligible for Australian Government rebate IITR183 Aust Govt Rebate Received IITR183 Your Australian Government rebate received IITR184 Health Benefit Code IITR184 Benefit Code IITR1095 PHI – Tax Claim Code IITR185 Tax Code * *Based on prior year PHI - Tax Claim Code CGT CGT Share Disposal data may indicate when a taxpayer has sold shares, but does not necessarily indicate a capital gains tax event has occurred. CGT Share disposal data will be available through the Pre-fill response including transaction details of date of sale, number of shares and investors, Company Name, ASX Code and SRN or HIN. The purchase and sale $ values will not be available. The Buyback Transaction Indicator will return a value of ‘B’ where the client has participated in a share buy-back event which may have resulted in a capital gains event. CGT New legislation requires the real property sales transactions that occurred in each State or Territory to be reported to the ATO with client and transaction identity information. Reports will be submitted electronically each quarter, by a single reporter for each State or Territory. Property transfer data was previously provided quarterly from the State and Territory Titles Offices and Land Registries using formal notices issued under section 264 of the Income Tax Assessment Act 1936 and section 353-10 of Schedule 1 of the Taxation Administration Act 1953. This data will continue to be obtained and combined with new reported data. CGT Real property transfer data will be pre-filled as information only where a possible CGT event has occurred. CGT Real Property Transfers data will be available through the Pre-fill response including Contract Data Settlement Date Contract Consideration (Sale Property Street Address Line 1 Property Street Address Line 2 Property Suburb, Town or Locality Property State or Territory Property Postcode Main Residence indicator
FMD Non Tax MRCA Disability Pension DVA FMW Non Tax MRCA Dep Partner DVA FPS Non tax sup service pension DVA FSP Non Taxable Service Pension DVA FWW Non Taxable War Widows Pension DVA WFA Wife (AGE) DHS WFD Wife (DSP) DHS Table 33: Australian Government Tax-free pensions and allowances field mapping – 24Y) Benefit Type Code - (IITR848) Payment body BSW BSWAT lump sum in arrears DHS Table 34: Other Income 24Y field mapping – 24V) Benefit Type Code - (IITR848) Payment body Y53 Income Recovery Subsidy DHS Y54 Australia Pinery Bushfire – November 2015 DHS Y55 Western Australia Waroona Bushfire, January 2016 DHS Y56 NSW East Coast Storms and Floods - June 2016 DHS Y57 Tasmania East Coast Storms and Floods – June 2016 DHS Table 35: Other Income 24V field mapping